Eastern Shore
MARKET REPORT
QUEEN ANNES COUNTY, KENT COUNTY, TALBOT COUNTY
2024
The Forward
The Eastern Shore real estate market in 2024 presented a dynamic landscape, marked by both opportunities and challenges. This report delves into the key trends that shaped the market over the past year, providing valuable insights for buyers, sellers, and investors navigating this unique region.
Throughout 2024, we observed a market with a median sold price of $374,950 and an average sold price of $623,300, indicating a range of property values across the Eastern Shore. While the market experienced the ongoing influence of interest rates and varying inventory levels, it also showcased significant highlights, including instances of properties selling above list price, particularly in Talbot County. The average days on market were 40, suggesting a moderately paced market.
This report provides a comprehensive analysis of these developments, examining critical metrics such as average and median sale prices, days on market, and sale-to-list price ratios. We will explore how these factors varied across different areas within the Eastern Shore, including Talbot, Kent, and Queen Anne's counties, providing a granular view of market performance. Talbot County tended toward higher prices, while Kent County showed more affordability, and Queen Anne’s County occupied a middle ground.
Inside, you will find:
- A detailed analysis of key market indicators for 2024.
- A breakdown of market trends by county, highlighting regional variations.
- Insights into the factors influencing buyer and seller behavior.
By understanding the dynamics of the 2024 Eastern Shore real estate market, readers can make informed decisions and position themselves for success in the year ahead. We invite you to explore the findings presented in this report and gain a deeper understanding of this vibrant market.
The Big Picture
$1,159,545,528
TOTAL SALES VOLUME
+ 18.92%
YOY CHANGE
$975,063,256
1,754
TOTAL TRANSACTIONS
+ 8.14%
YOY CHANGE
1,622
$661,086
average sales price
+ 9.97%
YOY CHANGE
$601,149
40
average days on mkt
+ 2.56%
YOY CHANGE
39
What + How
Let’s dive into the data to uncover the latest trends in residential real estate. At The Housecats, we meticulously analyze how and why people are buying in different market segments. With our expertise, we equip buyers and sellers with the knowledge they need to succeed in a constantly evolving market.
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Bedroom Breakdown
0-2 Bedrooms
522
UNITS
$389,705
AVERAGE PRICE
97.57%
LTSP RATIO
3 Bedrooms
791
UNITS
$537,240
AVERAGE PRICE
96.80%
LTSP RATIO
4+ Bedrooms
681
UNITS
$917,316
AVERAGE PRICE
98.79%
LTSP RATIO
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Type Breakdown
Single Families
1,476
UNITS
$701,000
AVERAGE PRICE
97.8 %
LTSP RATIO
Townhouses
194
UNITS
$428,670
AVERAGE PRICE
97.9 %
LTSP RATIO
Condos
55
UNITS
$585,348
AVERAGE PRICE
96.4 %
LTSP RATIO
Financing Breakdown
Cash
483
UNITS
Conventional
1,915
UNITS
FHA
1,149
UNITS
Owner Fin,
1
UNITS
Other
88
UNITS
Private
21
UNITS
Trade
1
UNITS
USDA
108
UNITS
VA
1,217
UNITS
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Top Units By Town
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Easton
Chester
Chestertown
Stevensville
Grasonville
Centreville
Saint Michaels
Church Hill
Rock Hall
Trappe
311
204
193
191
140
134
77
61
59
51
Top Volume By Town
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Easton
Chester
Stevensville
Grasonville
Chestertown
Saint Michaels
Oxford
Centreville
Queenstown
Royal Oak
$228,953,867
$123,902,611
$119,896,713
$92,340,434
$85,682,925
$83,601,006
$74,841,500
$74,188,124
$45,928,036
$37,467,014
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Hot Spots
By Number Of Sales
Four Seasons at Kent Island (Chester, MD) - 75
Perrys Retreat (Grasonville, MD) - 59
Kent Island Estates (Stevensville, MD) - 34
Church Hill Hunt (Church Hill, MD) - 32
Bay City (Stevensville, MD) - 25
North Brook (Centreville, MD) - 24
Symphony Village at Centerville (Centreville, MD) - 23
Queens Landing (Chester, MD) - 22
Ellendale (Stevensville, MD) - 22
Easton Club East (Easton, MD) - 20
By Average Price
Chance Hope Farm (Saint Michaels, MD): $1,950,000
Martingham (Saint Michaels, MD): $1,684,500
Narrows Pointe (Grasonville, MD): $1,415,000
Governor Grason Manor (Queenstown, MD): $1,386,125
Cove Creek Club (Stevensville, MD): $1,080,667
Gibsons Grant (Chester, MD): $764,500
Four Seasons at Kent Island (Chester, MD): $716,722
Kent Island Estates (Stevensville, MD): $616,200
Ellendale (Stevensville, MD): $535,400
Church Hill Hunt (Church Hill, MD): $524,167
Takeaways
The Eastern Shore real estate market in 2024 presented a diverse landscape with varying price points across different counties. Talbot County tended towards higher-end properties, while Kent County offered more affordability, and Queen Anne's County occupied a middle ground. This diversity suggests localized market dynamics. The market's pace was moderate, with an average of 40 days on market, indicating a balance between buyer consideration and seller expectations. Price sensitivity was also evident, as the average sale-to-list price ratio was below 100%, though some properties, especially in Talbot County, sold above asking.
Looking ahead to 2025, the Eastern Shore market is expected to maintain relative stability, with potential for moderate price appreciation in certain desirable areas, particularly if inventory remains limited or demand for specific property types, like waterfront homes, increases. The importance of location and desirable features will remain paramount, as buyers are expected to prioritize value. External factors such as national economic conditions, interest rates, and inventory levels will continue to influence the market. Significant shifts in these areas could impact demand and pricing.
Overall, the 2025 Eastern Shore market is anticipated to offer opportunities for both buyers and sellers. Buyers should prioritize finding properties that offer strong value and meet their individual needs, while sellers should focus on strategic pricing and highlighting their property's unique attributes. Careful monitoring of market trends and professional guidance will be essential for navigating the market successfully.
The Luxury Space
lets take a look at the million dollar markets
98.6 %
average list to sale $
+ 5.4%
YOY CHANGE
93.2 %
200
TOTAL TRANSACTIONS
+ 31.58%
YOY CHANGE
152
$2,099,855
AVERAGE SALES PRICE
+ 1.92%
YOY CHANGE
$2,060,383
50
average days on mkt
- 16.6%
YOY CHANGE
60
TOP SALES
THIS YEAR
Luxury Market Takeaways
The 2024 luxury market on the Eastern Shore, defined by sales over $1 million, demonstrated some distinct characteristics. A noticeable difference between the average and median sold prices signifies a tiered market, with a few exceptionally high-value transactions impacting the average. Luxury homes also tended to stay on the market slightly longer than other properties, a common trend in this segment. Despite the high price points, buyers demonstrated price sensitivity, often negotiating sales below the initial list price.
Looking ahead to 2025, the demand for premium Eastern Shore properties is expected to persist, especially for those with exceptional features like extensive waterfront access and high-end finishes. However, sellers should be prepared for potential price adjustments, as luxury buyers are discerning and value-conscious. The overall economic climate will also play a role, with factors like interest rates and market confidence potentially influencing demand.
In summary, the Eastern Shore luxury market is expected to remain active in 2025, but careful pricing and strategic marketing will be crucial for sellers. Buyers will likely have opportunities to find desirable properties, but thorough due diligence and expert guidance will be important for navigating this segment successfully.
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