Navigating the 2023 Real Estate Landscape

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

Explore our past transactions.

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10600 Park Heights Ave, Owings Mills, MD 21117

6 BEDS
7 BATHS
7,439 Sq.Ft.

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$2,650,000

10807 Greenspring Ave, Lutherville-Timonium, MD 21093

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$2,300,000

3112 W Golf Course Rd, Owings Mills, MD 21117

7 BEDS
10 BATHS
13,384 Sq.Ft.

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$2,200,000

11129 Falls Rd, Lutherville Timonium, MD 21093

5 BEDS
6 BATHS
5,972 Sq.Ft.

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$2,125,000

800 HILLSTEAD DRIVE, LUTHERVILLE TIMONIUM, MD 21093

6 BEDS
6 BATHS
10,066 Sq.Ft.

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$1,800,000

15315 Carroll Rd, Monkton, MD 21111

6 BEDS
7 BATHS
8,707 Sq.Ft.

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$1,649,000

6401-A Murray Hill Rd, Baltimore, MD 21212

5 BEDS
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$1,625,000

303 Goodwood Gdns, Baltimore, MD 21210

5 BEDS
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$1,600,000

1840 Greenspring Valley Rd , Owings Mills, MD 21117

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$1,600,000

7505 Lhirondelle Club Rd, Towson, MD 21204

4 BEDS
3 BATHS
6,570 Sq.Ft.

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$1,550,000

6510 Chantilly Dr, Sykesville, MD 21784

4 BEDS
5 BATHS
4,836 Sq.Ft.

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$1,500,000

1510 SEMINARY AVENUE W, LUTHERVILLE TIMONIUM, MD 21093

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$1,500,000

7 BROOKSTONE COURT, LUTHERVILLE TIMONIUM, MD 21093

6 BEDS
6 BATHS
7,916 Sq.Ft.

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$1,499,000

714 #2 Western Run Rd, Cockeysville, MD 21030

6 BEDS
8 BATHS
5,882 Sq.Ft.

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$1,425,000

5507 Saint Albans Way, Baltimore, MD 21212

5 BEDS
5 BATHS
4,880 Sq.Ft.

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$1,407,000

2919 Caves Rd, Owings Mills, MD 21117

5 BEDS
6 BATHS
4,626 Sq.Ft.

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$1,368,750

1406 Malvern Ave , Baltimore, MD 21204

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$1,250,000

13422 Query Mill Rd, North Potomac, MD 20878

6 BEDS
6 BATHS
5,286 Sq.Ft.

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$1,237,500

4201 Greenway, Baltimore, MD 21218

10 BEDS
8 BATHS
8,594 Sq.Ft.

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$1,209,025

1724 Hillside Rd, Stevenson, MD 21153

5 BEDS
6 BATHS
6,284 Sq.Ft.

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$1,200,000

105 Millbrook Rd, Baltimore, MD 21218

6 BEDS
3.5 BATHS
4,343 Sq.Ft.

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$1,200,000

1104 Malvern Ave, Ruxton, MD 21204

4 BEDS
3 BATHS
4,124 Sq.Ft.

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$1,175,000

5 Forwood Ct, Cockeysville, MD 21030

5 BEDS
5 BATHS
4,046 Sq.Ft.

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$1,150,000

206 Garrison Forest Rd, Owings Mills, MD 21117

5 BEDS
4 BATHS
3,623 Sq.Ft.

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$1,150,000

7919 Sherwood Ave, Towson, MD 21204

4 BEDS
4 BATHS
3,699 Sq.Ft.

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$1,060,000

8518 Southfields Cir, Lutherville-Timonium, MD 21093

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$1,050,000

101 Market St, Annapolis, MD 21401

4 BEDS
3.5 BATHS
2,200 Sq.Ft.

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$1,049,000

1000 Cold Bottom Rd, Sparks, MD 21152

6 BEDS
5 BATHS
6,252 Sq.Ft.

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$972,500

818 W University Pkwy, Baltimore, MD 21210

7 BEDS
5 BATHS
5,374 Sq.Ft.

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$899,000

203 Saint Dunstans Rd, Baltimore, MD 21212

4 BEDS
4 BATHS
3,422 Sq.Ft.

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$899,000

203 Saint Dunstans Rd, Baltimore, MD 21212

4 BEDS
4 BATHS
3,422 Sq.Ft.

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$879,000

12020 GLEN ARM ROAD, GLEN ARM, MD 21057

4 BEDS
4 BATHS
3,992 Sq.Ft.

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$875,000

909 Saint Paul St, Baltimore, MD 21202

6 BEDS
4 BATHS
5,576 Sq.Ft.

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$875,000

946 FROG MORTAR RD, MIDDLE RIVER, MD 21220

4 BEDS
4 BATHS
3,650 Sq.Ft.

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$860,000

946 Frog Mortar Rd, Middle River, MD 21220

4 BEDS
4 BATHS
3,648 Sq.Ft.

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$850,000

13 GREGORIA COURT, BALTIMORE, MD 21212

3 BEDS
4 BATHS
5,052 Sq.Ft.

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$835,000

5206 Springlake Way, Baltimore, MD 21212

3 BEDS
3 BATHS
2,695 Sq.Ft.

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$812,000

1223-A Providence Rd, Towson, MD 21286

4 BEDS
5 BATHS
5,654 Sq.Ft.

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$805,000

1005 Winding WAY, Baltimore, MD 21210

4 BEDS
6 BATHS
4,622 Sq.Ft.

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$800,000

7758 Tilghman St, Fulton, MD 20759

4 BEDS
3.5 BATHS
3,904 Sq.Ft.

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$788,000

12502 Fellowship Ct, Reisterstown, MD 21136

4 BEDS
5 BATHS
4,848 Sq.Ft.

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$777,000

741 White Oaks Ave, Baltimore, MD 21228

4 BEDS
3.5 BATHS
3,210 Sq.Ft.

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$775,000

4 Saint Martins Rd, Baltimore, MD 21218

6 BEDS
4 BATHS
4,737 Sq.Ft.

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$770,000

6903 Avondale Rd, Baltimore, MD 21212

5 BEDS
4 BATHS
3,131 Sq.Ft.

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$765,000

15143 YORK ROAD, SPARKS, MD 21152

5 BEDS
4 BATHS
4,214 Sq.Ft.

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$750,000

1617 Jeffers, Towson, MD 21204

3 BEDS
3 BATHS
1,786 Sq.Ft.

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$740,000

925 GRUNDY STREET, BALTIMORE, MD 21224

3 BEDS
4 BATHS
2,481 Sq.Ft.

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$725,000

12408 GARRISON FOREST ROAD, OWINGS MILLS, MD 21117

4 BEDS
4 BATHS
4,085 Sq.Ft.

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$720,000

3421 BREWERS GREEN WAY, BALTIMORE, MD 21224

3 BEDS
3 BATHS
2,601 Sq.Ft.

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$700,000

12116 Faulkner Dr, Owings Mills, MD 21117

4 BEDS
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3,136 Sq.Ft.

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Featured Properties

$3,000,000

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