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November 2024 revealed continued momentum in the Greater Baltimore luxury market with improved efficiency in sales timelines and sustained buyer demand. Key metrics such as average price, days on market, and list price-to-sales price ratio indicate a robust market, showcasing resilience amid seasonal and economic shifts.
Luxury Market
The Greater Baltimore luxury market (properties priced at $1M+) demonstrated stability in November, outperforming year-over-year benchmarks in both sales volume and negotiation power. Despite a slight decline in average prices compared to October, the market moved faster, reflecting strong buyer confidence and seller adaptability.
This report highlights the key data and insights driving luxury real estate trends in Greater Baltimore for November 2024.
Baltimore LUXURY | NOV 2024 | OCt 2024 | nov 2023 |
Average Price | $1,331,339 | $1,447,879 | $1,420,845 |
Days on Market | 21 | 45 | 31 |
Total Sales | 52 | 53 | 32 |
List Price To Sales Price | 100.1% | 97.7% | 98.0% |
Market Analysis
Pricing: The average luxury home price dropped to $1,331,339, an 8% decline MoM and a 6% decline YoY, likely reflecting seasonality and cautious buyer behavior.
Days on Market: Homes moved significantly faster, averaging just 21 days—less than half of October’s 45 days—highlighting strong buyer urgency.
Sales Volume: Transactions remained steady with 52 sales, a 62.5% YoY increase over November 2023’s 32 sales, signaling robust demand for well-priced properties.
Negotiation Power: Sellers achieved 100.1% of their list price, marking a seller-friendly market and underscoring the demand for high-end properties.
Waterfront Properties
The waterfront market, known for its seasonal shifts, displayed unique trends:
Baltimore waterfront | NOV 2024 | OCt 2024 | nov 2023 |
|---|---|---|---|
Average Price | $583,680 | $697,825 | $542,179 |
Days on Market | 55 | 46 | 94 |
Total Sales | 10 | 12 | 14 |
List Price To Sales Price | 94.6% | 93.9% | 88.4% |
Market Analysis:
Pricing: The average sale price for waterfront properties dropped to $583,680, a 16% decline MoM but a 7.7% increase YoY, showcasing longer-term market resilience.
Days on Market: The DOM rose to 55 days, compared to 46 days in October, reflecting slower seasonal demand. However, this remains a significant improvement over 94 days in November 2023.
Sales Volume: Transactions fell to 10 sales, down from 12 in October and 14 in November 2023, as buyers took a more measured approach.
Negotiation Power: The list price-to-sale price ratio improved to 94.6%, up from 93.9% MoM and 88.4% YoY, suggesting sellers are achieving stronger results despite slower activity.
let's look at the average property in each market in NOV '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
BALTIMORE LUXURY | 5 | 5 | 5,448 | $383.66 |
BALTIMORE WATERFRONT | 4 | 3 | 2,315 | $320.20 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in October? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
Key Insights for Buyers and Sellers
For Buyers
Luxury Market: Act decisively—properties are moving quickly, and sellers are achieving full asking prices.
Waterfront Market: The seasonal slowdown presents opportunities to negotiate favorable terms on waterfront properties.
For Sellers
Luxury Market: Take advantage of strong demand by pricing strategically to attract motivated buyers quickly.
Waterfront Market: Highlight unique features like water views, outdoor spaces, or location to capture interest during slower months.
Forecast & Recommendations
Looking ahead to December and early 2025:
Market Trends: The luxury segment will likely maintain its momentum, while the waterfront market may stabilize further as inventory tightens.
Inventory: Limited new listings will favor sellers willing to list during the holiday season.
Buyer Opportunities: Buyers can take advantage of seasonal price adjustments in the waterfront segment.
In Conclusion
November 2024 showcased a dynamic Greater Baltimore market, with the luxury segment thriving on strong demand and fast-moving inventory, while the waterfront market reflected seasonal adjustments. Sellers in the luxury market continue to benefit from robust buyer activity, achieving over 100% of list prices, while waterfront sellers must adapt to longer sales cycles.
For buyers and sellers alike, this market presents opportunities with the right strategy. Reach out to our team for expert insights and tailored guidance to achieve your real estate goals in Greater Baltimore.