Welcome to our Q3 2024 real estate market report for the Greater Baltimore region, which includes Baltimore City, Baltimore County, and Howard County. Known for its diverse mix of urban vibrancy, historic charm, and upscale suburban communities, Greater Baltimore continues to attract a wide range of luxury buyers. In this report, we explore key trends that shaped the third quarter, highlighting shifts in inventory, pricing, and buyer behavior. Whether you're interested in the buzz of city living or the peace of suburban estates, our analysis offers a comprehensive look at the luxury real estate landscape. As we review the data from Q3, you'll find insights into the luxury market’s performance, community spotlights on key neighborhoods, and a forecast for the months ahead. The report aims to provide both buyers and sellers with the tools they need to navigate the evolving Greater Baltimore market with confidence.
Table of Contents
What You’ll Find in This Report
This report offers a deep dive into the real estate trends in Greater Baltimore, which we are defining as properties in Baltimore City, Baltimore County and Howard County worth over $1M.
Key Insights Covered:
Market Performance: Quarter-over-quarter and year-over-year comparisons on transactions, sales value, price per square foot (PPSF), and days on market.
Community Spotlights: Deep dives into the top-performing neighborhoods, highlighting local trends, new developments, and buyer demand.
Luxury Market Analysis: Breakdown of notable luxury sales, including the top sales, and what factors are driving premium prices.
Buyer Insights: A closer look at who is buying, including demographic data, preferences for waterfront vs. non-waterfront properties, and shifts in cash vs. financed purchases.
Visual Data: Graphs and charts to make key data points accessible, such as trends in inventory, average sale price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter based on current data, interest rate trends, and inventory projections.
Greater Baltimore Market Analysis
The luxury real estate market in Greater Baltimore remains robust as we move through the third quarter of 2024. Compared to the same period in 2023, the market experienced notable gains in both total transactions and total sales value, signaling strong demand for luxury properties across Baltimore City, Baltimore County, and Howard County. This upward trend reflects the ongoing desirability of the region for high-net-worth buyers seeking both urban and suburban luxury living options.
The average sales price rose to $1,428,817 in Q3 2024, a modest but significant 3.67% increase from the previous year. Price per square foot saw an even stronger uptick of nearly 15%, reflecting buyers’ willingness to pay a premium for properties with unique amenities and locations. The market’s average days on market also decreased slightly, emphasizing that while competition is high, buyers are making decisions quickly in this fast-paced environment.
Key Metrics
Metric | Q3 2024 | Q3 2023 | % Change Year Over Year |
---|---|---|---|
Total Transactions | 209 | 184 | +13.59% |
Total Sales Value | $298,622,785 | $253,594,826 | +17.76% |
Average Sales Price | $1,428,817 | $1,378,233 | +3.67% |
Price Per Square Foot | $368.66 | $320.73 | +14.94% |
Days on Market (Average) | 30 | 31 | -3.26% |
The dataset highlights the luxury real estate market in Howard and Baltimore counties, Maryland, showcasing high-end residential properties. Most homes are priced over $1 million, with large square footage and ample amenities, including 4-6 bedrooms and 3+ bathrooms. Properties show varying days on market (DOM), with some selling immediately while others remain listed for over 100 days. Several homes sold above the list price, indicating a competitive market in certain cases, while others sold below their original asking price. Many homes belong to communities with association fees, reflecting upscale living standards. There is also a trend of new construction, appealing to buyers seeking modern amenities.
Community Spotlights
Ellicott City is rich in history, charm, and rolling hills. It’s a popular choice for families due to its top-rated Howard County public schools, charming historic district, and proximity to both Baltimore and Washington, D.C. The community offers a mix of historical homes and new developments, with ample parks and trails, making it a haven for nature lovers. Ellicott City also boasts a thriving arts and dining scene, with boutique shops and local eateries, making it a desirable place for people seeking a blend of suburban life with access to urban amenities.
Q3 2024 Key Metrics:
Total Sales Value: $18,600,000
Average Sales Price: $930,000
Number of Transactions: 20
Average Days on Market: 21
Clarksville is a highly sought-after, affluent community within Howard County, known for its luxurious homes and rural charm. With top-tier public schools, large estate properties, and beautiful landscapes, Clarksville appeals to families looking for a quiet, spacious setting. The community is also home to River Hill, a planned development with a town center offering shopping, dining, and other conveniences. It's situated close to major commuter routes, providing easy access to Baltimore and D.C., while maintaining a peaceful, small-town feel.
Q3 2024 Key Metrics:
Total Sales Value: $14,100,000
Average Sales Price: $1,175,000
Number of Transactions: 12
Average Days on Market: 24
Owings Mills is a bustling suburb of Baltimore known for its mix of commercial hubs and residential developments. It's home to various shopping centers like Owings Mills Mall and Metro Centre, making it a popular retail destination. The community also houses several corporate headquarters, including T. Rowe Price. Its convenient access to I-795 and the Baltimore Metro Subway makes it a favored area for commuters. The area offers diverse housing options from single-family homes to luxury apartments, attracting young professionals, families, and retirees alike.
Q3 2024 Key Metrics:
Total Sales Value: $12,450,000
Average Sales Price: $830,000
Number of Transactions: 15
Average Days on Market: 18
Luxury Sales
The luxury market in Greater Baltimore saw significant activity in Q3 2024, with demand for large estates driving the top sales. Conversely, the highest-priced transaction was an estate in the Caves Valley Golf Club, selling for $4M. Several other properties sold quickly in this competitive segment, particularly those with exquisite finishes.
Luxury Real Estate as an Investment
In Q3 2024, luxury real estate in the Greater Baltimore region proved to be a solid investment, with properties continuing to appreciate due to high demand and limited inventory in prime locations. This market offers both value retention and potential for long-term returns, especially in sought-after areas like waterfront properties and upscale communities. Investors can also benefit from rental income, given the region’s strong tourism and business presence. However, higher costs for transactions, maintenance, and taxes remain key considerations. Despite these challenges, Baltimore’s luxury market offers diversification and a hedge against economic volatility, making it an attractive option for high-net-worth investors seeking stable, long-term growth.
Buyer Insights
The buyer profile in Greater Baltimore continues to reflect a diverse range of high-net-worth individuals, professionals, and families seeking both primary residences and investment properties. The Q3 2024 market remains highly competitive, particularly in suburban regions like Clarksville, Ruxton, and Ellicott City, as well as select urban areas in Baltimore City. A growing demand for privacy, spacious lots, and luxury amenities is shaping the buying trends this quarter.
Key Insights
Buyer Demographics: Many buyers continue to relocate from neighboring regions, including Washington, D.C., and northern Virginia. Professionals, affluent families, and retirees are the primary demographics driving the high-end market. The influx of buyers looking for both suburban estates and chic urban properties is pushing demand for luxury homes across Greater Baltimore.
Property Preferences:
Suburban estates and privacy: Spacious, private lots in sought-after communities like Clarksville and Ruxton remain a top choice for buyers, especially families and retirees who seek tranquility, modern conveniences, and proximity to key amenities.
Urban luxury: High-end condos and townhomes in Baltimore City, particularly around the Inner Harbor, continue to attract those desiring a cosmopolitan lifestyle with waterfront views and easy access to dining, shopping, and cultural attractions.
Modern amenities: The demand for homes with turnkey finishes and luxury upgrades remains strong. Buyers are increasingly seeking properties with updated, modern features that offer convenience, especially in suburban markets like Ellicott City and Clarksville.
Cash purchases: The top tier of the market continues to be driven by cash buyers, many of whom are purchasing both primary residences and investment properties, solidifying real estate as a long-term asset.
Financed purchases: Buyers in the $1M-$2M range are still taking advantage of favorable mortgage rates, particularly in suburban areas like Howard County and Baltimore County, which provide more value compared to nearby metropolitan regions.
Eco-friendly and sustainable living: The trend toward eco-conscious luxury living is expanding, with more buyers seeking homes equipped with sustainable features like solar panels, energy-efficient systems, and eco-friendly construction materials. This is especially noticeable in new construction properties across the region, reflecting a shift toward combining luxury with sustainability.
Quarterly Forecast (Q4 2024)
The luxury real estate market in Greater Baltimore is expected to remain competitive in Q4 2024, but certain trends from Q3 suggest a more cautious approach from buyers as economic conditions shift. Here are the key factors to consider for the upcoming quarter:
Continued Demand in Suburban Markets: Communities like Clarksville, Ruxton, and Ellicott City will remain highly desirable, particularly for families and retirees seeking larger lots, privacy, and proximity to top amenities. With limited inventory in these areas, competition for turnkey homes is expected to persist. Buyers will likely continue to favor properties that offer a blend of luxury and convenience, but a slight cooling off in rapid price escalations may occur as more cautious buyers wait for market adjustments.
Sustained Interest in Urban Properties: High-end condos and townhomes in Baltimore City, particularly in waterfront areas like the Inner Harbor, will continue to attract buyers looking for urban luxury. However, the pace of sales may slow slightly as cash buyers dominate the upper end of the market, and more buyers become selective due to rising interest rates and economic uncertainties. Urban areas may see price stabilization as inventory meets demand, but premium properties with standout features and locations will still command competitive offers.
Rising Interest in Investment Properties: With real estate remaining a strong investment, particularly for high-net-worth individuals, Q4 could see more interest in luxury investment properties. Cash buyers will dominate this segment, and properties that offer short-term rental potential or multi-family units could see an uptick in activity as buyers look to diversify their portfolios amid economic volatility.
Eco-Friendly Properties on the Rise: Sustainability will continue to be a driving force in buyer preferences. As eco-friendly homes with energy-efficient systems and sustainable materials become more mainstream, buyers will increasingly prioritize these features. In Q4, demand for properties with green certifications, solar panels, and other environmentally friendly attributes will likely increase, especially in new construction segments.
Potential Market Softening Due to Economic Conditions: While the Greater Baltimore luxury market has remained strong, Q4 could bring more market caution due to broader economic factors like fluctuating interest rates and inflation concerns. Buyers in the mid-to-high-end range, particularly those relying on financing, may adopt a more measured approach, waiting for more favorable conditions or negotiating harder on price. This could result in longer days on market for properties priced over $2M, particularly those without standout features or in less competitive locations.
Moderate Price Growth: While demand remains steady, price growth may moderate slightly as both buyers and sellers adjust to changing economic conditions. However, in highly desirable areas with limited inventory, premium properties will still attract competitive bids, especially for turnkey homes that check all the boxes for privacy, modern amenities, and location.
In summary, Q4 2024 is expected to maintain a steady pace of activity in Greater Baltimore’s luxury market, with suburban and urban areas remaining highly desirable. However, market conditions may cool slightly due to economic uncertainty, leading to a more balanced approach from both buyers and sellers. Eco-conscious properties and turnkey homes will remain at the top of buyer wish lists, while cash buyers will continue to dominate the high-end investment sector.
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The Greater Baltimore luxury real estate market in Q3 2024 has demonstrated resilience and adaptability amidst evolving economic conditions. With sustained demand in suburban markets like Clarksville and Ruxton, coupled with strong interest in urban luxury properties around Baltimore City, the region continues to be an attractive destination for both high-net-worth individuals and investors. Buyers are increasingly prioritizing privacy, modern amenities, and sustainability in their property searches, with cash buyers leading the way in the upper tiers of the market.
Looking ahead to Q4 2024, the market is expected to remain competitive, though tempered by broader economic concerns such as rising interest rates and inflation. Suburban and urban properties that offer turnkey solutions and eco-friendly features will continue to attract strong interest. While price growth may moderate slightly, the region’s unique mix of luxury living options ensures that Greater Baltimore will remain a key market for discerning buyers.
This quarter's data highlights the ongoing appeal of this region, and though challenges may lie ahead, the luxury real estate sector in Greater Baltimore is well-positioned for continued success in the coming months.
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