Baltimore Metro Real Estate Market Trends: August 2024
Explore the latest insights on the Baltimore Metro Area Real Estate Market Trends with Ronn Davis, REALTOR®. Discover key metrics that define this competitive landscape, guiding both buyers and sellers towards informed decisions.
Baltimore: Key Real Estate Market Metrics
Source: Realtors Property Resource®, LLC – Listings
Months Supply of Inventory: A Seller’s Market at 2.96
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. A lower value suggests a seller’s market, while a higher value indicates a buyer’s market. With a current value of 2.96, it falls on the lower end, indicating a competitive market with limited inventory available.
Shifting Trends: 25.42% Increase in 12-Month Inventory Change
The 12-Month Change in Months of Inventory has seen a significant increase of +25.42%. This indicates a shift towards a more balanced market as the supply of homes has increased over the past year. Sellers may need to adjust their pricing strategies to attract buyers in this changing market.
Quick Sales: Median 22 Days on Market
The Median Days Homes are On the Market is 22, which is relatively low and indicates that homes are selling quickly. This is a positive sign for sellers as it shows strong demand in the market.
Strong Demand: 110.5% List to Sold Price Ratio
The List to Sold Price Percentage is 110.5%, meaning that homes are selling for an average of 10.5% above their listing price. This suggests that there is high demand for properties, and sellers have the opportunity to potentially negotiate higher prices for their homes.
Market Value: Median Sold Price at $215,500
Lastly, the Median Sold Price is $215,500, which gives buyers and sellers an idea of the current market value of homes in the area. This can help buyers make informed decisions on their purchasing power and sellers determine a competitive listing price.
Navigating the Competitive Real Estate Landscape
Overall, these metrics paint a picture of a competitive real estate market with strong demand and limited inventory. Buyers should be prepared to act quickly, while sellers may have the opportunity to capitalize on the current market conditions. Keeping an eye on these key metrics can help both buyers and sellers navigate the real estate market effectively.
Anne Arundel County: High Demand, Low Supply
Supply and Demand Imbalance: Months Supply of Inventory at 1.32
The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low Months Supply of Inventory at 1.32. This means that there are not enough homes available to meet the needs of buyers, leading to a competitive market.
Shrinking Inventory: 12-Month Change Decreases by 2.22%
The 12-month Change in Months of Inventory is showing a decrease of -2.22%, indicating that the supply of homes on the market has been decreasing over the past year. This could be due to a variety of factors such as increased demand, limited new construction, or sellers holding off on listing their properties.
Rapid Sales: Homes Selling in Just 11 Days
The Median Days Homes are On the Market is only 11 days, which is a very short amount of time. This indicates that homes are selling quickly once they are listed, further highlighting the high demand in the market.
Above List Price Sales: 100.6% List to Sold Price Ratio
The List to Sold Price Percentage is 100.6%, meaning that on average, homes are selling for slightly above their list price. This suggests that buyers are willing to pay more to secure a property in the competitive market.
Market Value: Median Sold Price at $490,000
The Median Sold Price of $490,000 reflects the overall price trend in the market, showing that homes are selling at a relatively high price point.
Market Summary: A Seller’s Paradise, A Buyer’s Challenge
In conclusion, the current real estate market is characterized by high demand, low inventory, quick sales, and above list price offers. Buyers should be prepared to act fast and potentially pay above asking price, while sellers may benefit from listing their properties in a market where homes are selling quickly and at a premium.
Carroll County: A Balanced and Competitive Landscape
Supply and Demand in Equilibrium: 2.96 Months of Inventory
The real estate market is currently showing a healthy balance between supply and demand, with a Months Supply of Inventory at 2.96. This means that it would take approximately 2.96 months to sell all the homes on the market at the current pace of sales.
Growing Inventory: 25.42% Increase Over 12 Months
The 12-month Change in Months of Inventory is +25.42%, indicating a slight increase in inventory levels over the past year. This could be attributed to more homes coming onto the market, potentially providing buyers with more options to choose from.
Swift Sales: Homes Moving in 22 Days
Despite the increase in inventory, homes are still selling relatively quickly, with a Median Days on Market of 22. This suggests that there is still a strong demand for homes in the area.
Competitive Bidding: 110.5% List to Sold Price Ratio
The List to Sold Price Percentage is 110.5%, indicating that on average, homes are selling for 10.5% above their list price. This could be a result of competitive bidding among buyers, driving up prices.
Market Value Indicator: Median Sold Price at $215,500
The Median Sold Price in the market is $215,500, which is a good indicator of the overall price range for homes in the area. This information can be helpful for both buyers and sellers in understanding the current market conditions and setting realistic expectations.
Market Summary: Active and Competitive
Overall, the data suggests that the real estate market is active and competitive, with a healthy balance between supply and demand. Buyers may need to act quickly to secure a home, while sellers may benefit from the current market conditions to maximize their sale price.
Harford County: Low Inventory, High Demand
Source: Realtors Property Resource®, LLC – Listings
Tight Supply: 1.74 Months of Inventory
In the current real estate market, there is a low inventory of homes available for sale, as indicated by the Months Supply of Inventory being 1.74. This means that at the current rate of sales, it would take 1.74 months to sell all the existing inventory on the market.
Shifting Trends: 42.62% Increase in Inventory Over 12 Months
The 12-month Change in Months of Inventory is showing a significant increase of +42.62% compared to the previous year. This indicates a trend towards a more balanced market, with more inventory becoming available for buyers to choose from.
Rapid Sales: Homes Selling in Just 12 Days
The Median Days Homes are On the Market is a mere 12 days, showing that homes are selling quickly in this market. This could be due to high demand and low inventory, leading to homes being snapped up faster by eager buyers.
Competitive Pricing: 100.6% List to Sold Price Ratio
The List to Sold Price Percentage being 100.6% indicates that homes are selling for slightly above their listing price on average. This suggests that sellers are able to command strong offers in this market.
Market Value: Median Sold Price at $390,000
Finally, the Median Sold Price of $390,000 shows that homes in this market are selling at a relatively high price point. This could be due to various factors such as location, amenities, and overall market conditions.
Market Summary: A Competitive Landscape for Buyers and Sellers
Overall, these metrics paint a picture of a competitive real estate market with low inventory, high demand, and quick sales. Buyers may need to act fast and be prepared to make strong offers, while sellers may find themselves in a favorable position to sell their homes at a good price.
Howard County: A Strong Seller’s Landscape
Source: Realtors Property Resource®, LLC – Listings
Tight Inventory: 1.13 Months Supply
The real estate market is currently showing a strong seller’s market, as indicated by the low Months Supply of Inventory at 1.13. This means that there is a limited number of homes available for buyers to choose from, driving up competition and potentially leading to higher prices.
Slight Market Shift: 3.67% Increase in 12-Month Inventory
The 12-month Change in Months of Inventory has increased by +3.67%, suggesting a slight shift towards a more balanced market. This could be a sign of more inventory coming onto the market, providing buyers with more options and potentially alleviating some of the competition.
Rapid Sales: Homes Selling in Just 6 Days
Homes are selling quickly, with a median of only 6 days on the market. This indicates that there is high demand for homes in this market, likely due to factors such as low inventory and competitive pricing.
Above-List Sales: 102% List to Sold Price Ratio
The List to Sold Price Percentage is at 102%, suggesting that homes are selling for slightly above their listing price on average. This is another indicator of a strong seller’s market, where buyers may need to be prepared to make competitive offers in order to secure a property.
High Market Value: Median Sold Price at $620,000
The median sold price in this market is $620,000, reflecting the overall strength and desirability of the area. Sellers can expect to potentially see a good return on their investment in this market, while buyers may need to act quickly and competitively in order to secure a property at a fair price.
Queen Anne’s County: A Seller’s Advantage
Source: Realtors Property Resource®, LLC – Listings
Low Supply Driving Demand: 2.8 Months of Inventory
Looking at the data provided, we see that the Months Supply of Inventory is 2.8, indicating a relatively low inventory of homes on the market. This low supply can drive up demand and potentially lead to higher prices for sellers.
Market Evolution: 22.27% Increase in 12-Month Inventory
The 12-month Change in Months of Inventory increasing by +22.27% suggests that the market may be shifting towards a more balanced state, with inventory levels rising slightly. This could indicate a more favorable environment for buyers as they may have more options to choose from.
Swift Sales: Homes Selling in 24 Days
The Median Days Homes are On the Market being 24 days showcases a fast-moving market where properties are not staying listed for long. This can be advantageous for sellers looking to sell quickly.
Near-List Price Sales: 98.7% List to Sold Ratio
The List to Sold Price Percentage of 98.7% demonstrates that homes are selling close to their asking price, indicating a strong seller’s market. Buyers may need to be prepared to offer competitive prices to secure a property.
Market Benchmark: Median Sold Price at $531,250
Lastly, the Median Sold Price of $531,250 gives us a benchmark of the average selling price in the market. This information can be useful for both buyers and sellers to gauge pricing trends and make informed decisions.
Market Summary: Competitive Landscape Favoring Sellers
In conclusion, the data provided suggests a competitive real estate market with low inventory levels, quick turnaround times for properties, and strong seller pricing. Buyers should be prepared to act swiftly and competitively, while sellers may benefit from the current market conditions. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate this dynamic market effectively.
Final Thoughts: A Seller’s Market Showing Signs of Balance
The Baltimore Metro Area real estate market in August 2024 presents a complex landscape that generally favors sellers while showing signs of gradual balancing. Most counties exhibit low inventory levels, ranging from 1.13 to 2.96 months supply, indicating a competitive market. However, the consistent trend of increasing inventory across most counties suggests a shift towards more balanced conditions. Homes are selling quickly, with median days on market ranging from 6 to 24 days, and often above list price. Median sold prices vary significantly across counties, from $215,500 to $620,000, reflecting diverse local market conditions.
Overall, the market remains competitive for buyers, but the increasing inventory may provide more opportunities in the coming months. Both buyers and sellers should stay informed about their specific local market conditions and work with experienced REALTOR® to navigate this dynamic landscape.