Navigating the 2023 Real Estate Landscape

Melissa Edwards October 26, 2023

Navigating the 2023 Real Estate Landscape: National Trends & Baltimore Insights

In the dynamic real estate market of 2023, the winds of change have been blowing, impacting the market in unforeseen ways. According to data from the National Association of Realtors® in October 2023, existing-home sales in the U.S. experienced a significant dip of 13.5% from August, marking a nearly 19% decrease compared to September 2022. These numbers, influenced by a confluence of low inventory and economic factors, paint a vivid picture of the current real estate landscape.

Home Values & Interest Rates


National: While the overall sales volume declined, the median house sales price rose, witnessing a 2.5% year-over-year increase. All-cash purchases were 29% of total sales—the highest in nine years. This spike is presumed to be a response to rising interest rates, prompting buyers to opt for immediate transactions. This trend underscores the adaptability of the market to external economic stimuli.
 
Baltimore: In September 2023, the median price in the Baltimore metro area reached $379,900, marking a 4.1% increase from the previous year. Although a slight decrease from the record high the previous month, the median price has consistently shown year-over-year growth for the past four months. For buyers, this emphasizes the importance of strategic decision-making and being agile in a competitive market.

The Need for Speed

National: Speed has become the essence of real estate transactions. Nearly 69% of sales accepted offers in less than 30 days, reflecting a market where agility is rewarded. Moreover, 26% of properties were sold above the listed price, showcasing the competitive nature of the current landscape. The average number of offers received on sold homes was 2.6, indicating a market where multiple bids are increasingly becoming the norm.
 
Baltimore: Baltimore area buyers must navigate not only limited options and escalating prices but also the need for speed. In September, half of closed sales occurred in a mere 8 days or fewer, highlighting the fast-paced nature of the market. This urgency requires buyers to be well-prepared and decisive in their actions to secure the home they desire.

Supply & Demand Conundrum

National: The supply of listings, though slowly increasing, remains historically low. This scarcity is reshaping market dynamics, contributing to the lowest total sales over the past 12 months since the housing market recession of 2008-2011. However, amid this scarcity, there is a paradoxical trend—homes that do make it to market sell rapidly with multiple offers, showcasing the resilience of demand.
 
Baltimore: Baltimore's real estate market is grappling with a significant inventory shortage. At the end of September 2023, active listings stood at 4,201—a 13.5% drop from the same period in 2022. This shortage becomes more stark when compared to September 2019, witnessing a substantial 58.7% decrease in available properties. The current market reality leaves buyers yearning for the luxury of choice that was once more abundant.

The real estate landscape continues to evolve and the interplay of low inventory, rising prices, and swift transactions necessitates a strategic and informed approach. Navigating these trends requires agility, informed decision-making, and a trusted real estate advisor. Get in touch today!
 

Featured Properties

For Sale
For Lease
Sold
2310 Gadd ROAD
For Sale
$3,750,000
2310 Gadd Rd, Cockeysville, MD 21030
5 Beds 6 Baths 7,361 Sq.Ft.
10600 PARK HEIGHTS AVENUE
For Sale
$3,450,000
10600 Park Heights Ave, Owings Mills, MD 21117
6 Beds 7 Baths 7,439 Sq.Ft.
10807 GREENSPRING AVE
Sold
$2,650,000
10807 Greenspring Ave, Lutherville-Timonium, MD 21093
3112 W GOLF COURSE ROAD
Sold
$2,300,000
3112 W Golf Course Rd, Owings Mills, MD 21117
7 Beds 10 Baths 13,384 Sq.Ft.
11129 FALLS ROAD
Sold
$2,200,000
11129 Falls Rd, Lutherville Timonium, MD 21093
5 Beds 6 Baths 5,972 Sq.Ft.
800 HILLSTEAD DRIVE
Sold
$2,125,000
800 HILLSTEAD DRIVE, LUTHERVILLE TIMONIUM, MD 21093
6 Beds 6 Baths 10,066 Sq.Ft.
15315 CARROLL ROAD
Sold
$1,800,000
15315 Carroll Rd, Monkton, MD 21111
6 Beds 7 Baths 8,707 Sq.Ft.
7505 Lhirondelle Club Rd
Active Under Contract
$1,690,000
7505 Lhirondelle Club Rd, Towson, MD 21204
4 Beds 3 Baths 6,570 Sq.Ft.
6401 MURRAY HILL ROAD
Sold
$1,649,000
6401-A Murray Hill Rd, Baltimore, MD 21212
5 Beds 7 Baths 6,174 Sq.Ft.
303 GOODWOOD GARDENS
Sold
$1,625,000
303 Goodwood Gdns, Baltimore, MD 21210
5 Beds 4 Baths 3,800 Sq.Ft.
1840 GREENSPRING VALLEY RD
Sold
$1,600,000
1840 Greenspring Valley Rd , Owings Mills, MD 21117
6510 CHANTILLY DRIVE
Sold
$1,550,000
6510 Chantilly Dr, Sykesville, MD 21784
4 Beds 5 Baths 4,836 Sq.Ft.
1510 SEMINARY AVENUE W
Sold
$1,500,000
1510 SEMINARY AVENUE W, LUTHERVILLE TIMONIUM, MD 21093
7 BROOKSTONE COURT
Sold
$1,500,000
7 BROOKSTONE COURT, LUTHERVILLE TIMONIUM, MD 21093
6 Beds 6 Baths 7,916 Sq.Ft.
714 #2 WESTERN RUN ROAD
Sold
$1,499,000
714 #2 Western Run Rd, Cockeysville, MD 21030
6 Beds 8 Baths 5,882 Sq.Ft.
5507 Saint Albans WAY
Sold
$1,425,000
5507 Saint Albans Way, Baltimore, MD 21212
5 Beds 5 Baths 4,880 Sq.Ft.
2919 CAVES ROAD
Sold
$1,407,000
2919 Caves Rd, Owings Mills, MD 21117
5 Beds 6 Baths 4,626 Sq.Ft.
1406 MALVERN AVE
Sold
$1,368,750
1406 Malvern Ave , Baltimore, MD 21204
13422 Query Mill Rd
Sold
$1,250,000
13422 Query Mill Rd, North Potomac, MD 20878
6 Beds 6 Baths 5,286 Sq.Ft.
4201 GREENWAY
Sold
$1,237,500
4201 Greenway, Baltimore, MD 21218
10 Beds 8 Baths 8,594 Sq.Ft.
1724 HILLSIDE ROAD
Sold
$1,209,025
1724 Hillside Rd, Stevenson, MD 21153
5 Beds 6 Baths 6,284 Sq.Ft.
105 MILLBROOK ROAD
Sold
$1,200,000
105 Millbrook Rd, Baltimore, MD 21218
6 Beds 3.5 Baths 4,343 Sq.Ft.
5 FORWOOD COURT
Sold
$1,175,000
5 Forwood Ct, Cockeysville, MD 21030
5 Beds 5 Baths 4,046 Sq.Ft.
206 Garrison Forest ROAD
Sold
$1,150,000
206 Garrison Forest Rd, Owings Mills, MD 21117
5 Beds 4 Baths 3,623 Sq.Ft.
7919 SHERWOOD AVENUE
Sold
$1,150,000
7919 Sherwood Ave, Towson, MD 21204
4 Beds 4 Baths 3,699 Sq.Ft.
8518 SOUTHFIELDS CIR
Sold
$1,060,000
8518 Southfields Cir, Lutherville-Timonium, MD 21093
101 MARKET STREET
Sold
$1,050,000
101 Market St, Annapolis, MD 21401
4 Beds 3.5 Baths 2,200 Sq.Ft.
1000 COLD BOTTOM ROAD
Sold
$1,049,000
1000 Cold Bottom Rd, Sparks, MD 21152
6 Beds 5 Baths 6,252 Sq.Ft.
818 W University PARKWAY
Sold
$972,500
818 W University Pkwy, Baltimore, MD 21210
7 Beds 5 Baths 5,374 Sq.Ft.
12020 GLEN ARM ROAD
Sold
$879,000
12020 GLEN ARM ROAD, GLEN ARM, MD 21057
4 Beds 4 Baths 3,992 Sq.Ft.
909 SAINT PAUL STREET
Sold
$875,000
909 Saint Paul St, Baltimore, MD 21202
6 Beds 4 Baths 5,576 Sq.Ft.
946 FROG MORTAR RD
Sold
$875,000
946 FROG MORTAR RD, MIDDLE RIVER, MD 21220
4 Beds 4 Baths 3,650 Sq.Ft.
946 FROG MORTAR ROAD
Sold
$860,000
946 Frog Mortar Rd, Middle River, MD 21220
4 Beds 4 Baths 3,648 Sq.Ft.
13 GREGORIA COURT
Sold
$850,000
13 GREGORIA COURT, BALTIMORE, MD 21212
3 Beds 4 Baths 5,052 Sq.Ft.
5206 SPRINGLAKE WAY
Sold
$835,000
5206 Springlake Way, Baltimore, MD 21212
3 Beds 3 Baths 2,695 Sq.Ft.
1223 PROVIDENCE ROAD
Sold
$812,000
1223-A Providence Rd, Towson, MD 21286
4 Beds 5 Baths 5,654 Sq.Ft.
1005 WINDING WAY
Sold
$805,000
1005 Winding WAY, Baltimore, MD 21210
4 Beds 6 Baths 4,622 Sq.Ft.
7758 TILGHMAN STREET
Sold
$800,000
7758 Tilghman St, Fulton, MD 20759
4 Beds 3.5 Baths 3,904 Sq.Ft.
741 WHITE OAKS AVENUE
Sold
$777,000
741 White Oaks Ave, Baltimore, MD 21228
4 Beds 3.5 Baths 3,210 Sq.Ft.
4 SAINT MARTINS ROAD
Sold
$775,000
4 Saint Martins Rd, Baltimore, MD 21218
6 Beds 4 Baths 4,737 Sq.Ft.
6903 Avondale ROAD
Sold
$770,000
6903 Avondale Rd, Baltimore, MD 21212
5 Beds 4 Baths 3,131 Sq.Ft.
15143 YORK ROAD
Sold
$765,000
15143 YORK ROAD, SPARKS, MD 21152
5 Beds 4 Baths 4,214 Sq.Ft.
1617 JEFFERS
Sold
$750,000
1617 Jeffers, Towson, MD 21204
3 Beds 3 Baths 1,786 Sq.Ft.
925 GRUNDY STREET
Sold
$740,000
925 GRUNDY STREET, BALTIMORE, MD 21224
3 Beds 4 Baths 2,481 Sq.Ft.
12408 GARRISON FOREST ROAD
Sold
$725,000
12408 GARRISON FOREST ROAD, OWINGS MILLS, MD 21117
4 Beds 4 Baths 4,085 Sq.Ft.
3421 BREWERS GREEN WAY
Sold
$720,000
3421 BREWERS GREEN WAY, BALTIMORE, MD 21224
3 Beds 3 Baths 2,601 Sq.Ft.
12116 FAULKNER DRIVE
Sold
$700,000
12116 Faulkner Dr, Owings Mills, MD 21117
4 Beds 3.5 Baths 3,136 Sq.Ft.
3801 Canterbury ROAD Unit: 1004
For Sale
$699,000
3801 Canterbury Rd #1004, Baltimore, MD 21218
3 Beds 3 Baths 2,332 Sq.Ft.
1812 COTTAGE LANE
Sold
$685,000
1812 Cottage Ln, Stevenson, MD 21153
7 Beds 5 Baths 4,968 Sq.Ft.
13 Roundridge ROAD
Sold
$640,000
13 Roundridge Rd, Lutherville Timonium, MD 21093
4 Beds 3 Baths 3,090 Sq.Ft.