Eastern Shore
Q3 2024
MARKET REPORT
THIRD QUARTER
MARKET REPORT
With Q3 2024 behind us, the Eastern Shore market clearly signaled a rebalancing act. Buyer enthusiasm softened slightly—sales and volume dipped, inventory edged higher, and median prices eased. Yet, rising GDP and lower borrowing rates provided economic lift. The waterfront segment told its own story: values climbed, yet listings lingered longer, suggesting a recalibrated pace at the upper end. This quarter wasn’t a pullback—it was a thoughtful reset, a chance for the market to exhale and align with broader economic rhythms.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
3/31/24
$39,807.37
104.7
6.79%
3.8%
9/30/23
$33,507.50
103.0
7.18%
3.8%
9/30/24
$42,330.15
98.7
6.23%
4.1%
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DATES
9/30/24
3/31/24
9/30/23
GDP
3.1%
1.3%
4.9%
Economic Factors
Impact On The Market
By Q3 2024, the market settled into a more deliberate pace. Nationally, GDP growth remained strong and mortgage rates eased slightly, giving buyers breathing room. Locally, sales and volume softened modestly, median prices dipped slightly, and inventory rose across most regions—signs of normalization rather than weakness. Days on market crept higher, but homes still moved briskly when priced and presented well. Luxury and waterfront properties continued to show resilience, though activity lengthened at the top end. Entry-level buyers welcomed more options, while mid-tier and move-up segments remained healthy. Q3 was not about frenzy—it was about recalibration, with balance returning to the market.
For Sellers:
Market pace slowed, but well-positioned listings still commanded attention.
Luxury and mid-tier homes held strong, though patience was sometimes required.
Rising inventory emphasized the importance of presentation.
For Buyers:
More options meant greater room to negotiate.
Less urgency allowed for thoughtful decisions—except in high-demand tiers.
Selectivity was rewarded, especially in waterfront and luxury markets.
year over year
Trends For The Quarter
REGIONS
Eastern Shore
Greater Baltimore
Greater Annapolis
Southern Maryland
CLOSED UNITS
460
5174
2063
1355
TOTAL
VOLUME
$286,604,768
$2,107,146,375
$1,183,628,213
$648,182,321
EOM INVENTORY
3.2
2.2
1.5
1.9
CURRENT INVENTORY
563
YOY CHANGE
QTD CLOSED VOLUME
$286,604,768
12.0%
YOY CHANGE
QTD CLOSED SALES
460
8.5%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$490,000
9.3%
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
.
Q2 2024
498
$337,709,629
10
$503,922
3
.
Q3 2024
460
$286,604,768
15
$492,000
3.2
.
CHANGE
-7.6%
-15.1%
45.2%
-2.4%
6.7%
$7,200,000 | Oxford, MD
5808 Widgeon Point Ln
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+
.
Q3 2023
184
130
22
13
10
4
.
Q3 2024
189
165
22
7
9
5
.
CHANGE
26.9%
0.0%
-46.2%
-10.0%
25.0%
0.0%
$2,500,000 | Rock Hall, MD
6299 Burris Rd
$2,272,000 | Stevensville, MD
413 Butlers Landing
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+
.
Q3 2023
30
14
0
0
0
0
.
Q3 2024
35
10
0
0
0
0
.
CHANGE
16.7%
-28.6%
0.0%
0.0%
0.0%
0.0%
$5,850,000 | Royal Oak, MD
24679 Deep Neck Rd
$3,680,000 | St. Michaels, MD
974 San Domingo Ct
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+
.
Q3 2023
3
2
0
0
0
0
.
Q3 2024
4
8
0
0
0
0
.
CHANGE
33.3%
300.0%
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
.
Q3 2023
68
$1,313,884
$457.11
97.4%
11
.
Q3 2024
62
$1,536,586
$465.91
93.4%
30
.
CHANGE
-8.8%
16.9%
1.9%
-4.2%
178.1%
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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
.
Q3 2023
49
$1,720,674
$543.13
97.8%
9
.
Q3 2024
43
$2,064,957
$498.26
92.9%
23
.
CHANGE
-12.2%
20.0%
-8.3%
-5.0%
161.5%
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