Greater Annapolis
MARKET REPORT
ANNE ARUNDEL COUNTY
2024
The Forward
The 2024 Maryland real estate market presented a dynamic landscape shaped by rising home prices, tight inventory, and shifting economic factors. In this year’s Greater Annapolis Market Report, we dive deep into the performance of luxury and waterfront properties while highlighting broader trends and challenges impacting buyers and sellers alike.
Across Maryland, the median home sale price rose by 4.6% year-over-year, reaching $408,200 by late 2024. In luxury markets like Greater Annapolis, properties saw sustained demand, with high-end listings averaging $1.68 million in sales price. Meanwhile, inventory shortages fueled competitive bidding, ensuring fast turnover for well-priced homes.
Waterfront properties, prized for their unique lifestyle offerings, remained a cornerstone of the local market. With average sales prices of $1.61 million and total sales exceeding $488 million, the waterfront segment exemplified the continued desirability of Chesapeake Bay living. However, with an average of 50.4 days on market, waterfront buyers appeared to take more time in their decision-making compared to the broader luxury market.
While demand remained strong, challenges such as elevated mortgage rates averaging 8.5% and new regulatory measures, like rent control in nearby counties, added complexity to the market. These factors tested affordability and shaped buyer and seller behavior, particularly in higher price points. Additionally, tighter lending conditions underscored the need for buyers to act strategically and for sellers to ensure their properties were positioned competitively.
Luxury Properties: With 519 listings, the luxury market achieved a total sales value of $872 million, with properties averaging just 42 days on the market.
Waterfront Properties: Featuring 303 listings, waterfront homes contributed significantly to the market’s success, with the highest sale price matching the luxury peak of $7.95 million.
Both segments demonstrated resilience, offering options from charming retreats to grand estates.
As we move into 2025, the Maryland real estate market remains poised for continued growth, but buyers and sellers must remain adaptable in the face of economic and regulatory shifts. Greater Annapolis stands out as a hub for luxury and waterfront living, offering unparalleled lifestyle and investment opportunities.
This report serves as your guide to navigating these exciting and challenging times. Whether you’re considering buying, selling, or simply staying informed, we are here to provide the expertise and support you need to achieve your real estate goals.
The Big Picture
$4,286,154,219
TOTAL SALES VOLUME
+ 8.89%
YOY CHANGE
$3,935,870,000
7,338
TOTAL TRANSACTIONS
+ 5.87%
YOY CHANGE
6,931
$584,104
average sales price
+ 2.84%
YOY CHANGE
$568,000
24
average days on mkt
---
YOY CHANGE
24
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
1,039
UNITS
$391,000
AVERAGE PRICE
99.08%
LTSP RATIO
3 Bedrooms
3,340
UNITS
$493,000
AVERAGE PRICE
99.97%
LTSP RATIO
4+ Bedrooms
2,957
UNITS
$754,000
AVERAGE PRICE
98.25%
LTSP RATIO
Type Breakdown
Single Families
4,383
UNITS
$677,394
AVERAGE PRICE
100.2%
LTSP RATIO
Townhouses
2,343
UNITS
$468,012
AVERAGE PRICE
101.8 %
LTSP RATIO
Condos
535
UNITS
$379,777
AVERAGE PRICE
99.5 %
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
Annapolis
Glen Burnie
Pasadena
Odenton
Severn
Laurel
Hanover
Crofton
Edgewater
Arnold
1299
1127
809
485
375
351
343
327
288
276
Top Volume By Town
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Annapolis
Glen Burnie
Pasadena
Odenton
Severna Park
Severn
Edgewater
Arnold
Hanover
Laurel
$1,008,200,421
$452,181,826
$407,676,401
$259,866,539
$229,615,909
$196,706,298
$195,991,129
$192,230,887
$181,596,576
$181,343,673
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Hot Spots
By Number Of Sales
Watershed (Laurel, MD) - 181
Parkside (Hanover, MD) - 147
Piney Orchard (Odenton, MD) - 126
Heritage Harbour (Annapolis, MD) - 122
Tanyard Shores (Glen Burnie, MD) - 103
Green Haven (Pasadena, MD) - 98
Two Rivers (Odenton, MD) - 96
Russett (Laurel, MD) - 83
Cedar Hill (Brooklyn Park, MD) - 74
Tanyard Springs (Glen Burnie, MD) - 69
By Average Price
Gibson Island (Gibson Island, MD) - $3,384,688
Bay Ridge (Annapolis, MD) - $1,965,475
Linstead (Severna Park, MD) - $1,901,500
Fishing Creek Farm (Annapolis, MD) - $1,870,556
Sherwood Forest (Annapolis, MD) - $1,490,000
South River Colony (Edgewater, MD) - $1,476,727
Annapolis Preserve (Crownsville, MD) - $1,395,800
Eastport (Annapolis, MD) - $1,353,945
Murray Hill (Annapolis, MD) - $1,348,862
Eagles Passages (Davidsonville, MD) - $1,311,333
Takeaways
The 2024 real estate market in Greater Annapolis and Anne Arundel County showcased resilience, particularly in lifestyle-driven and luxury segments. New construction communities stood out for their creative financing abilities and established staples with family-friendly amenities and attractive locations also drew strong buyer interest. The market demonstrated a competitive edge, with properties in desirable neighborhoods often selling quickly and maintaining strong price points. Despite rising interest rates creating price sensitivity, the region's diverse offerings, from suburban charm to waterfront living, continued to attract both local and out-of-state buyers. Looking ahead, strategic pricing and marketing will be crucial for sellers, while buyers will likely remain focused on properties offering lifestyle advantages, making Anne Arundel County a competitive and vibrant market in 2024.
Waterfront properties and high-end homes in the region remained highly sought-after, emphasizing the area's enduring appeal to affluent buyers.
The Luxury Space
lets take a look at the million dollar markets
99.5%
average list to sale $
+ 1.7%
YOY CHANGE
97.8 %
519
TOTAL TRANSACTIONS
+ 18.22%
YOY CHANGE
439
$1,635,555
AVERAGE SALES PRICE
- 3.49%
YOY CHANGE
$1,694,736
42
average days on mkt
+ 23.53%
YOY CHANGE
34
TOP SALES
THIS YEAR
Luxury Market Takeaways
The Anne Arundel County luxury real estate market in 2024 experienced fluctuating prices, with initial growth giving way to stabilization towards year-end. Despite these shifts, sales volume remained healthy, indicating sustained demand and relatively quick property turnover. The broader market's lean towards sellers likely provided a supportive backdrop for luxury home prices. Looking ahead to 2025, the market is projected to maintain stability or experience modest growth, particularly for properties boasting unique features and prime locations. This demand is fueled by the county's desirable waterfront access and proximity to urban centers. However, growing awareness of environmental risks, such as flooding and wind damage, is expected to influence buyer decisions, placing greater emphasis on property resilience and insurance considerations. Limited inventory could further bolster prices, while an increase in supply might temper growth. In short, the 2025 luxury market is anticipated to remain attractive, with discerning buyers prioritizing unique, well-located properties while carefully considering potential environmental impacts. Sellers, therefore, should highlight these desirable features to attract this discerning clientele.
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