The 2024 Mid-Atlantic Housing Outlook, including specifics on the Baltimore real estate market, has been released by Bright MLS, our local MLS service.

The Baltimore real estate market has definitely seen changes over the past year. With higher interest rates for mortgages, yet prices still staying higher than years’ past, the demand for homes has continued to drop.

Economists see that the Baltimore real estate market should continue transitioning in 2024, but with higher inventory, albeit lower than pre-pandemic, and more home sales at higher prices.

In 2019, 37,829 homes sold in the Baltimore metropolitan area. In 2020, 43,151 homes sold. That number jumped up to 47,848 in 2021, while in 2022, 39,600 homes sold. In 2023 so far, 30,500 homes have sold, which is a drop of 23%.

Bright MLS economist Lisa Sturtevant projects that in 2024, 34,100 Baltimore area homes will sell, a rise of 11.8% from 2023.

Median home prices in Baltimore are expected to continue to rise over 2023. In 2019, Baltimore area the median home sales price was $284,260. That rose to $309,000 in 2020, $335,000 in 2021, a spike up to $351,450 in 2022, and $360,767 so far in 2023. The expected mean sales price in Baltimore homes is $370,352 in 2024.

I thank Bright MLS for these statistics and projections.

Please contact me to help you navigate through this changing Baltimore real estate market. I would be pleased to be of service!