Baltimore Market Update - July Housing


Baltimore, MD Metro Area – July 2016 Housing Market Update

Median sales price up 2.9% to $267,500, highest July price since 2008; Sales decline for first time since August of 2014; Inventories decline for 11th month in a row

Rockville, MD – (August 10, 2016) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on July MRIS housing data.


  • The Baltimore Metro area median sales price of $267,500 was up 2.9% or $7,600 from last year, marking the highest July sales price since 2008.
  • Sales volume across the Baltimore Metro area was more than $1.1 billion, up 2.7% from last year.
  • July closed sales of 3,561 were down 1.7% compared to last year, the first year-over-year decline since August 2014.
  • There were 3,950 new pending contracts recorded in July, down 0.2% compared to last year.
  • The number of new listings compared to last year dropped by 2.4% to 5,064.
  • The number of active listings declined by 10.5% to 12,674, the eleventh month in a row of declining inventory levels.
  • The average percentage of original list price received at sale in July was 95.8%, the highest July level in a decade.
  • The median days-on-market was 26 days, down from 32 last year, matching July 2013 as the best July in a decade for median days-on-market.



Home prices

  • The overall regional median sales price for July 2016 of $267,500 is up 2.9% or $7,600 from last year, but down 2.7% or $7,500 from last month.
  • Compared to last year, townhome prices were up 11.3% to $211,500, single-family detached prices were up 4.0% to $338,000 and condo prices were up 0.8% to $209,000.
  • Prices are approximately 3% above both the 5-year average of $259,492 and the 10-year average of $258,746.
  • July prices are 18.9% above the 2011 bottom of $225,000, and 6.1% below the peak of $285,000 seen in 2007.
  • Baltimore City saw the highest year-over-year appreciation at +16.3% but still remains the most affordable locale with a median sales price of $156,950.  Howard County continues to be the most expensive area in the region, with a July median sales price of $415,000, a 5.7% decrease compared to last year.
  • For the January-July year-to-date, prices are up 4.1% to $250,000.


Closed Sales

  • July 2016 sales of 3,561 were down 1.7% or 62 units compared to 2015, and down 17.2% or 742 units compared to last month.
  • Single-family detached sales of 1,970 were down 4.9% and condo sales of 363 were down 5.0%, but townhome sales of 1,228 were up 5%.
  • Sales are well above both the 5-year average of 3,091 and the 10-year average of 2,713.
  • Sales were 1.7% less than the previous July high of 3,623 set in 2015 and were 84.0% higher than the 2010 low of 1,935.
  • Carroll County saw the largest percentage increase in sales (+29.8) with 270.  Baltimore County saw the largest decline of 12.9% to 925 sales.
  • For the January-July period, regional sales are up 11.2% to 22,788.

New Pending Sales

  • July 2016 pending sales declined 0.2% compared to last year to 3,950 and were down 7.3%compared to last month.
  • The number of pending contracts for townhomes rose 6.5% to 1,400, but condos declined 14.2%to 370 and single-family detached declined 1.5% to 2,180.
  • Pending contracts are 13.9% above the 5-year average of 3,467 and 37.2% above the 10-year average of 2,878.
  • The number of new pending contracts in July was 104.2% more than the 10-year market low of 1,934 seen in 2010, and were 0.2% less than the previous high of 3,959 of July 2015.
  • Howard County saw the largest percentage increase in the number of pending contracts of 6.5%to 460, while Harford County saw the largest decline of 4.5% to 386.
  • For the January-July year-to-date, new pending sales are up 7.7% to 29,051.

New Listing Activity

  • There were 5,064 total new listings added in July in the Baltimore Metro area, a 2.4% decrease compared to last July, and a 12.8% decrease compared to last month.
  • The number of new single-family detached listings decreased by 4.4% to 2,850, while condos decreased 3.9% to 467. The number of new listings for townhomes increased by 1.5% to 1,747.
  • New listings are above both the 5- and 10-year averages of 4,564 and 4,634, respectively.
  • The number of new listings in July was up 46.7% compared to the market low of 3,452 in 2012, but was 13.2% below the 2007 high of 5,837.
  • Harford County saw the largest growth in new listings, increasing 5.7% to 517.  The largest percentage decrease in new listings was in Baltimore County, decreasing 8.9% to 1,312.
  • For January-July, new listings are up 3.7% to 36,309

Data retrieved from Real Estate Business Intelligence.