As we turn our attention to the Greater Baltimore real estate market in September 2024, both the luxury and waterfront segments continue to shape the landscape of this dynamic region. Covering Baltimore City, Baltimore County, and Howard County, this report delves into key trends, including shifts in pricing, sales volume, and buyer behavior. With evolving market conditions, Greater Baltimore remains a focal point for high-end and waterfront real estate, offering valuable insights into how these segments are performing. Let’s dive into the data to explore what September has revealed about the luxury and waterfront markets in this thriving area.
Exploring Market Metrics
The luxury market in Greater Baltimore remained strong in September 2024, with average prices rising to $1,536,224, up from $1,424,321 in August and higher than the $1,417,455 recorded in September 2023. This steady price increase highlights continued demand for high-end properties across Baltimore City, Baltimore County, and Howard County, despite broader economic concerns.
However, luxury homes took longer to sell in September, with days on market increasing to 42 days, compared to 36 days in August and 32 days in September 2023. This suggests that while buyers are still willing to pay premium prices, they may be taking more time to finalize their decisions, potentially due to price negotiations or tighter inventory.
In terms of sales volume, 52 luxury homes were sold in September, down significantly from 76 in August and matching the 52 sales recorded in September 2023. This drop reflects a potential cooling in the market as the number of transactions decreased month-over-month, possibly due to the end of summer and shifting buyer behavior.
The list price to sales price ratio remained strong at 100%, slightly up from 99.6% in August but below the 100.9% seen in September 2023. Sellers are still getting very close to their asking prices, if not exceeding them in some cases, which underscores the competitive nature of the market, even as the number of sales and days on market shift.
greater baltimore luxury | sept 2024 | august 2024 | sept 2023 |
Average Price | $1,536,224 | $1,424,321 | $1,417,455 |
Days on Market | 42 | 36 | 32 |
Total Sales | 52 | 76 | 52 |
List Price To Sales Price | 100% | 99.6% | 100.9% |
The waterfront market in Greater Baltimore saw some notable shifts in September 2024. The average price for waterfront properties decreased to $600,724, down from $661,340 in August 2024, and significantly lower than the $721,769 recorded in September 2023. This continued decline in pricing suggests a cooling in the waterfront segment, with buyers becoming more selective or market conditions shifting away from premium pricing.
Days on market increased to 57 days in September 2024, up from 45 days in August, and slightly higher than the 55 days seen in September 2023. This indicates that waterfront properties are staying on the market longer as buyers take more time to make decisions, possibly reflecting a decrease in urgency or more negotiation over pricing.
Total sales for waterfront homes dropped slightly to 19 homes in September, compared to 20 in August, but up from 13 in September 2023. This slight drop in sales volume may be due to seasonality, while the year-over-year increase indicates that buyer interest in waterfront properties remains relatively strong, even with shifting prices.
The list price to sales price ratio held steady at 94.3% in September, matching the August figure but lower than the 97.3% seen in September 2023. This suggests that sellers are accepting offers further below their asking prices, giving buyers more room for negotiation compared to previous years.
greater Baltimore WATERFRONT | sept 2024 | august 2024 | sept 2023 |
---|---|---|---|
Average Price | $600,724 | $661,340 | $721,769 |
Days on Market | 57 | 45 | 55 |
Total Sales | 19 | 20 | 13 |
List Price To Sales Price | 94.3% | 94.3% | 97.3% |
let's look at the average property in each market in sept '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
GREATER BALTIMORE LUXURY | 5 | 5 | 5,220 | $488.54 |
GREATER BALTIMORE WATERFRONT | 3 | 3 | 2,270 | $304.46 |
Target Demographic for These Properties
Luxury Market Buyers:
Affluent Professionals and Families:Buyers in the Greater Baltimore luxury market are typically in their mid-40s to mid-60s, well-established in their careers with significant disposable income. Many of these buyers work in fields such as law, finance, or healthcare, and some may own their own businesses. They are drawn to luxury properties in Baltimore County and Howard County due to the proximity to prestigious schools, country clubs, and cultural amenities.
Dual-Income Families:Many buyers in this segment are dual-income households seeking a combination of luxury and convenience. These families prioritize access to good schools, recreational facilities, and a strong community environment. The appeal of luxury homes is further enhanced by nearby amenities and family-oriented features.
Upsizers/Second-Home Buyers:A significant portion of luxury buyers are upsizing, moving from smaller luxury homes to larger estates as they upgrade their lifestyle. Others may be purchasing second homes, using them for weekend getaways, investment properties, or future retirement plans. These buyers tend to seek larger homes with modern amenities and privacy.
Waterfront Market Buyers:
Empty Nesters/Retirees:Buyers in the waterfront market tend to be older, typically in their late 50s to 70s, looking for a peaceful, waterfront retreat. They are likely seeking a primary residence or vacation home, drawn to the tranquility and scenic views offered by waterfront properties in areas like Baltimore County or Harford County. These buyers often have accumulated wealth and are transitioning to a more relaxed, waterfront-focused lifestyle.
Younger Professionals Seeking Vacation Properties:Younger professionals, in their 30s and 40s, are also part of the waterfront buyer demographic, looking for second homes or weekend getaways. They may prioritize access to water-based recreational activities, such as boating, fishing, or kayaking. Proximity to Baltimore's urban core makes these homes an attractive option for those seeking a balance between city life and relaxation.
Investors/Short-Term Rental Seekers:There is growing interest from investors looking for vacation rentals or Airbnb properties. The Greater Baltimore waterfront market offers opportunities for short-term rentals, particularly with the area's proximity to both Baltimore City and local lakes. Homes with waterfront views or direct access to water offer high rental potential and appeal to tourists or short-term renters.
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in September? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
In Conclusion
As we conclude the September 2024 Greater Baltimore real estate market report, it’s clear that both the luxury and waterfront segments are experiencing dynamic shifts. The luxury market has shown resilience, with rising average prices and sellers achieving full asking prices in many cases. However, the market is becoming more measured, with extended days on market and a drop in sales volume compared to the previous month. This suggests that while demand remains strong, buyers are taking longer to make decisions, potentially due to higher prices and limited inventory.
In the waterfront segment, there has been a continued softening, with prices falling and properties spending more time on the market. However, the steady sales volume indicates that buyers are still seeking waterfront properties, albeit with more negotiating power. Investors and second-home buyers continue to find opportunities in this segment, particularly as sellers become more flexible with pricing.
Moving forward, the Greater Baltimore real estate market is expected to remain competitive but with more opportunities for buyers to negotiate and take their time with purchasing decisions. Sellers may need to adjust expectations slightly as market conditions evolve, particularly in the waterfront market, where buyers are pushing for better deals.
Whether you're buying or selling, staying informed on these trends will be key to navigating the evolving landscape. The Greater Baltimore market continues to offer great potential for luxury and waterfront buyers, but both segments require careful consideration of pricing strategies and timing.
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