Baltimore’s housing supply is still at less than half the normal level even as other markets across the country have seen their listings grow.
According to new data from residential real estate brokerage firm Redfin, the Baltimore metro had just 1.6 months of housing supply on hand in April, or less than half of the typical four or five months of inventory markets had on hand before the pandemic. The shortage has meant higher prices and quicker sales: Baltimore’s median home price rose to $376,000 in April, up 4.4% from April of last year, and the typical house spent just 21 days on the market, the same amount of days as one year ago.
The prices and speed of sales are a boon for sellers but leave buyers in a lurch. A similar report from Bright MLS shows that inventory is even worse in some counties. The listing service’s April report shows 2.72 months of supply in Baltimore City but just 0.88 months for Howard County, where the median home price has reached $635,000.
