Baltimore Housing Market

The Baltimore housing market shifted toward more balanced conditions, as rising inventory and slowing sales signaled softer demand even as home prices continued to increase.

Home sales slowed in the Baltimore region, as buyers purchased approximately 2,880 homes, down by 155 compared to the previous year. This represented a sharper decline than the national average and marked the lowest number of May sales in the past eight years. Slower job growth across the region in 2026, reflecting a broader easing in the U.S. economy, weighed on housing demand. As economic momentum weakened, fewer buyers entered the market, resulting in lower transaction volume.

The number of homes listed for sale increased 11.5% year over year to 9,575, providing buyers with more options than in recent years. Despite this growth, inventory remained well below pre-pandemic May levels, which typically approached 15,000 listings. The composition of inventory was relatively balanced between single-family homes and townhomes, each with around 4,000 active listings, while condominiums accounted for a much smaller share at roughly 1,000 units. Unlike nearby Washington, D.C., where condo inventory rose significantly, Baltimore’s condo listings remained flat. Months of supply hovered around four months for townhomes and condos and closer to three months for single-family homes, indicating that while conditions had eased, the market had not fully shifted in favor of buyers.

Home prices increased, rising nearly 5% year over year to $430,000. This placed Baltimore among the stronger-performing markets nationally in terms of price growth, outperforming nearby Washington, D.C., and Philadelphia. Gains were most pronounced in the condominium segment, where prices climbed 8.1% to $300,000. At the neighborhood level, higher-priced areas included Downtown Annapolis, supported by its historic character and waterfront location, as well as Mayo, a Chesapeake Bay community. Despite weaker sales activity, limited inventory and sustained baseline demand continued to support upward pressure on home values.

The median home sale price in Baltimore increased by 4.9% compared to the same time last year, while the national median price rose by 1.8%.

Baltimore median home prices rose by $20,000 year over year on a nominal basis in May to $430,000. Meanwhile, the national median home price increased by $7,000 to $395,000.

Baltimore was the 20th highest-priced housing market among the top 40 largest markets last month. The Baltimore median home price of $430,000 was 8.9% above the national median home price. Baltimore's median home price in May is the highest observed price for any month in the market.

The median price of Baltimore single-family homes rose by $26,000 over the past year to $550,000, while the median townhome price grew by 3.1%, and the median condo price rose by 8.1%.

The number of homes for sale in Baltimore increased by 11.5% in May compared to the same time last year, while national homes for sale rose by 4.3%.

Baltimore homes for sale rose by 988 year over year in May to 9,575 homes for sale. Baltimore ranked 11th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.

Baltimore homes for sale were below their pre-pandemic levels in the month of May. Baltimore homes for sale were 39.5% below the May 2019 total of 15,824.

Baltimore single-family homes for sale grew by 6.5% to 4,390 in May. In comparison, townhome homes for sale rose by 20.9% to 4,187, and condo homes for sale declined by 0.1% to 998.

The number of home sales in Baltimore decreased by 5.1% in May compared to the same time last year, while national home sales dropped by 1.2%.

Baltimore home sales declined by 155 year over year on a nominal basis in May to 2,880. For context, 3,035 sales closed in Baltimore in May 2025.

Baltimore ranked 33rd for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May decrease of 5.1% compares to the 5.8% year-over-year decrease in May 2025

Baltimore single-family sales decreased by 0.6% in May to 1,540. In comparison, townhome sales fell by 11.5% to 1,051, and condo sales fell by 3.3% to 289.

For questions and commentary about this report:

Melina Duggal, Senior Director of Market Analytics at CoStar and Homes.com, based in the Baltimore-Washington region, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Melina Duggal

Senior Director Market Analytics

Homes.com

mduggal@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Baltimore during May 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.