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Eastern Shore
Q1 2024
MARKET REPORT
FIRST QUARTER
MARKET REPORT
The first quarter on the Eastern Shore quietly reset expectations. While economic indicators remained solid—GDP rose, confidence held—local real estate saw softer activity, especially in entry-level segments. Inventory climbed meaningfully, giving buyers more space to explore. Notably, the waterfront market stayed resilient, with pricing holding strong even as pace slowed. This wasn’t a downturn—it was a thoughtful pause in a market redefining its rhythm. This report captures that moment with clarity and calm.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
9/30/23
$33,507.50
103.0
7.18%
3.8%
3/31/23
$33,274.15
104.2
6.77%
3.5%
3/31/24
$39,807.37
104.7
6.79%
3.8%
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DATES
3/31/24
9/30/23
3/31/23
GDP
1.3%
4.9%
2.0%
Economic Factors
Impact On The Market
The first quarter of 2024 set a solid foundation across the regions we cover. Nationally, GDP growth of 1.3% and strong consumer confidence anchored demand, even as mortgage rates hovered near 6.8%. Locally, Maryland markets showed resilience: median pricing ticked higher, volume held, and homes moved steadily despite lean inventory. Luxury and waterfront properties stood out with robust performance and faster pacing, while mid-tier single-family homes saw consistent activity. Entry-level buyers faced limited supply and firm competition, but overall, Q1 felt like a confident start to the year.
For Sellers:
Pricing power remained intact, especially in waterfront and mid-to-luxury homes.
Lean supply meant well-presented listings stood out quickly.
Buyer confidence rewarded properties that were positioned strategically.
For Buyers:
Limited inventory made readiness critical, particularly under $500K.
Mid-tier homes offered opportunity but required decisiveness.
Luxury segments provided value for those moving quickly on premium listings.
year over year
Trends For The Quarter
REGIONS
Eastern Shore
Greater Baltimore
Greater Annapolis
Southern Maryland
CLOSED UNITS
326
3949
1370
1052
TOTAL
VOLUME
$196,123,994
$1,411,154,119
$770,020,216
$468,919,772
EOM INVENTORY
3.8
2.5
1.8
2.1
CURRENT INVENTORY
403
YOY CHANGE
QTD CLOSED VOLUME
$196,123,994
0.6%
YOY CHANGE
QTD CLOSED SALES
326
0.0%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$470,000
10.6%
YOY CHANGE
Eastern Shore
AT A GLANCE
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YEAR
CLOSED SALES
CLOSED SALES VOLUME
MEDIAN DAYS ON MARKET
MEDIAN SALES PRICE
INVENTORY
.
Q4 2023
388
$245,800,972
20
$490,800
2.4
.
Q1 2024
326
$196,123,994
17
$449,000
3.8
.
CHANGE
-16.0%
-20.2%
-16.4%
-8.5%
58.3%
$4,000,000 | Bozman, MD
7120 Cooper Point Rd
SINGLE FAMILY HOME SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2023
170
70
10
3
7
8
.
Q1 2024
138
95
12
6
4
5
.
CHANGE
35.7%
20.0%
100.0%
-42.9%
-37.5%
0.0%
$2,895,000 | Stevensville, MD
1011 Penny Dr
$9,000,000 | Trappe, MD
27189 Island Creek Rd
TOWNHOME SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2023
30
13
0
0
0
0
.
Q1 2024
38
7
1
0
0
0
.
CHANGE
26.7%
-46.2%
0.0%
0.0%
0.0%
0.0%
$3,975,000 | Easton, MD
7263 Maxmore Creek Dr
$3,250,000 | Queenstown, MD
1128 Cheston Ln
CONDO SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2023
4
7
0
0
0
0
.
Q1 2024
6
11
0
0
0
0
.
CHANGE
50.0%
57.1%
0.0%
0.0%
0.0%
0.0%
WATERFRONT MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q1 2023
46
$1,676,778
$403.55
94.3 %
9
.
Q1 2024
43
$1,648,881
$443.93
94.8%
17
.
CHANGE
-6.5%
1.8%
6.7%
-0.6%
88.8%
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LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q1 2023
28
$2,488,518
$499.44
98.3 %
9
.
Q1 2024
28
$2,160,826
$520.62
94.8%
20
.
CHANGE
0.0%
-10.6%
9.6%
-1.2%
-30.6%
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