Baltimore Metro Real Estate Market Trends: July 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: Competitive Market with Increasing Inventory
Source: Realtors Property Resource®, LLC – Listings
Month Supply of Inventory: A Critical Indicator
The monthly inventory supply in Baltimore was 2.86 at the end of July. This low inventory indicates a market where demand from buyers outpaces the available homes, often resulting in competitive bidding and higher prices.
12-Month Change in Inventory Levels
A significant growth of +17.21% in the 12-month Change in Months of Inventory suggests a market that may be stabilizing. This increase could herald more listings soon, providing more choices for buyers.
Quick Sales Reflecting High Demand
Homes in Baltimore are selling as expected, with a Median Days Homes are On the Market of just 20 days. This turnover can be attributed to high buyer demand and a limited supply of homes.
List-to-Sold Price Percentage: Sellers Hold the Power
The List-to-Sold Price Percentage is 111.2%, meaning homes are selling for an average of 11.2% above their list price. Sellers have a strong position in this market, and buyers must be prepared to offer competitive bids quickly.
Median Sold Price: Current Market Benchmark
The Median Sold Price for homes in Baltimore is $241,190. This price point provides a valuable benchmark for buyers and sellers to understand the current market value.
Anne Arundel County: Strong Seller’s Market Insights
Source: Realtors Property Resource®, LLC – ListingsMonths Supply of Inventory: Limited Availability
In Anne Arundel County, the Months Supply of Inventory for July ended at 1.23 months, indicating a strong seller’s market with more buyers than available homes.
Decreasing Inventory Trends
The 12-Month Change in Months of Inventory has decreased by 18%, emphasizing the limited supply and further tightening market conditions.
Speedy Sales: A Fast-Moving Market
Homes in Anne Arundel County sell quickly, with a Median Days Homes are On the Market of just 7 days!, reflecting high demand and low inventory levels.
List to Sold Price Percentage: Slightly Above Asking
Homes in this county typically sell for 101.2% of their list price, showing that buyers need to offer slightly above asking to secure a property.
Median Sold Price: Strong Market Values
With a Median Sold Price of $487,558, the market exhibits strong home values driven by high demand.
Conclusion: Robust Market Dynamics
Anne Arundel County shows robust market dynamics with quick sales, limited inventory, and rising home prices.
Carroll County: Key Metrics and Market Balance
Source: Realtors Property Resource®, LLC – ListingsInventory Supply: Demand Exceeds Supply
The Months Supply of Inventory in Carroll County is 1.26, indicating a seller’s market where demand exceeds supply.
Inventory Change: Slight Market Balance
The 12-Month Change in Months of Inventory is +8.62%, suggesting a shift towards a more balanced market, which may include more options for buyers.
Rapid Market Turnaround
Homes are on the market for an average of 6 days!, highlighting an active and fast-paced market.
Elevated Sales Prices
The List to Sold Price Percentage is 101.8%, showing that homes generally sell for slightly above their listing price.
Median Sold Price: Investment Insights
A Median Sold Price of $500,000 provides a pricing benchmark, indicating a strong market with good returns for sellers.
Conclusion: Favorable Conditions for Sellers
Carroll County’s favorable conditions for sellers include low inventory and quick sales. Buyers should be prepared to compete and act quickly.
Harford County: Seller’s Market Dynamics
Inventory Levels: Tighter Market Indicators
Harford County’s Months Supply of Inventory is 1.52, showing higher demand than supply and indicating a stronger seller’s market.
Increasing Inventory Trend
An increase of +16.92% in the 12-Month Change in Months of Inventory points to a more balanced market, potentially giving buyers more negotiation power.
Quick Sales: High Demand
Homes sell rapidly in Harford County, with a Median Days Homes are On the Market of just 9 days.
Over-Ask Sales
The List to Sold Price Percentage is 101.3%, with homes selling slightly above their list price.
Market Benchmark Pricing
The Median Sold Price of $405,000 sets the market price expectation for both buyers and sellers.
Conclusion: Competitive Yet Shifting Market
Harford County shows signs of a competitive market with low inventory and quick sales, but increasing inventory suggests a potential shift towards balance.
Howard County: Ultra-Competitive Market Conditions
Source: Realtors Property Resource®, LLC – Listings
Inventory Constraints
With only 1.01 months of supply, Howard County faces severe inventory shortages compared to buyer demand.
Decreasing Inventory Levels
A 12-month change of -4.72% indicates even quicker home sales than the previous year.
Rapid Sales Statistics
Homes are selling with a Median Days on the Market of just 5 days!, indicating an urgent market with fierce competition.
Above-Listing Sales Dynamics
Homes in Howard County sell for an average of 101.5% of their listing price.
Median Sold Price: High Market Values
A Median Sold Price of $601,500 reflects strong demand and high property values.
Conclusion: Intense Market Conditions
Howard County’s real estate market in July 2024 was highly competitive with very low inventory, rapid sales, and high prices. Buyers must be ready to ACT QUICKLY, while sellers can expect strong offers.
Queen Anne’s County: Balanced Yet Competitive
Source: Realtors Property Resource®, LLC – Listings
Balanced Inventory Levels
The monthly supply of Inventory in Queen Anne’s County is 2.84, indicating a balanced but competitive market.
Rising Inventory Trend
The 12-month Change in Months of Inventory is +15.92%, suggesting a slight increase in available properties but maintaining competitiveness.
Quick Market Turnover
Homes generally sell within 21 days, indicating strong buyer interest.
Sale Prices Near Listing Prices
With a List-to-Sold Price Percentage of 98.5%, homes sold close to their listing price, reflecting fair market conditions.
Market Value Insights
A Median Sold Price of $505,000 highlights stable and healthy pricing.
Conclusion: Engaging Market Dynamics
Queen Anne’s County offers a dynamic market with balanced inventory and competitive pricing. Both buyers and sellers find favorable opportunities in this environment.
Final Thoughts: Opportunities for Sellers and Buyers
The Baltimore real estate market trends in July 2024 was highly favorable for sellers, characterized by low inventory and high demand driving up prices. Buyers should be ready to act fast and make strong offers.