Greater Annapolis
Q2 2024
MARKET REPORT
SECOND QUARTER
MARKET REPORT
The second quarter of 2024 was a sprint for Greater Annapolis. Sales skyrocketed, volume surged, and homes moved at record speed. With inventory thinning and buyers acting decisively, pricing advanced across key segments while luxury and waterfront listings stole the spotlight. What defined this quarter wasn’t just demand—it was conviction. Buyers knew what they wanted, and sellers who were prepared saw results faster than ever. This report captures that moment of acceleration, when confidence and clarity converged.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
12/31/23
$37,689.54
110.7
6.90%
3.7%
6/30/23
$34,407.60
109.7
6.81%
3.6%
6/30/24
$39,169.52
100.4
6.62%
4.1%
.png)
DATES
6/30/24
12/31/23
6/30/23
GDP
2.8%
2.5%
2.4%
Economic Factors
Impact On The Market
Spring 2024 brought a surge of energy to Maryland’s housing markets. National growth and stable rates fueled decisive action, translating into double-digit gains in sales, volume, and median pricing across regions. Homes moved at record speed—often in a week or less—underscoring strong buyer urgency. Luxury and waterfront markets delivered some of the sharpest growth, both in units and pricing, while mid-tier homes ($1M–$3M) continued to expand their share. Entry-level supply thinned further, challenging affordability. Across the board, Q2 was defined by conviction: buyers acted decisively, and sellers held firm.
For Sellers:
Exceptional conditions favored strong pricing and quick sales.
Luxury and waterfront homes captured premium attention.
Supply constraints created competition across most tiers.
For Buyers:
Urgency and preparedness were key in securing homes.
Competition was fiercest under $1M; mid-tier saw heavy activity.
Waterfront and luxury remained competitive but offered strong long-term value.
year over year
Trends For The Quarter
REGIONS
Greater Annapolis
Greater Baltimore
Eastern Shore
Southern Maryland
CLOSED UNITS
2104
5720
498
1428
TOTAL
VOLUME
$1,282,227,936
$2,326,118,151
$337,709,629
$678,287,594
EOM INVENTORY
1.3
1.9
3
1.9
CURRENT INVENTORY
1,038
-27.8%
YOY CHANGE
QTD CLOSED VOLUME
$1,282,227,936
8.1%
YOY CHANGE
QTD CLOSED SALES
2104
3.3%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$566,225
7.2%
YOY CHANGE
Greater Annapolis
AT A GLANCE
.png)
YEAR
CLOSED SALES
CLOSED SALES VOLUME
MEDIAN DAYS ON MARKET
MEDIAN SALES PRICE
INVENTORY
.
Q1 2024
1370
$770,020,216
11
$467,153
1.8
.
Q2 2024
2104
$1,282,227,936
6
$499,550
1.3
.
CHANGE
53.6%
66.5%
-50.0%
6.9%
-27.8%
$6,900,000 | ANNAPOLIS, MD
1865 Milvale 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+
.
Q2 2023
502
652
73
27
16
14
.
Q2 2024
489
621
94
34
15
15
.
CHANGE
-2.6%
-4.8%
28.8%
25.9%
-6.3%
7.1%
$5,850,000 | ANNAPOLIS, MD
205 Winchester Beach Dr
$4,597,500 | GIBSON ISLAND, MD
523 Broadwater Way
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+
.
Q2 2023
439
153
3
1
1
0
.
Q2 2024
402
242
2
1
0
1
.
CHANGE
-8.4%
58.2%
-33.3%
--
--
--
$6,500,000 | ANNAPOLIS, MD
2025 Homewood Rd
$6,200,000 | ANNAPOLIS, MD
279 State St
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+
.
Q2 2023
104
26
1
0
0
0
.
Q2 2024
115
42
2
0
2
0
.
CHANGE
10.6%
61.5%
100.0%
--
--
--
WATERFRONT MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q2 2023
82
$1,582,147
$509.31
100.0%
6
.
Q2 2024
91
$1,786,976
$574.90
99.0%
11
.
CHANGE
11.0%
12.9%
12.9%
-1.1%
83.3%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q2 2023
139
$1,679,089
$448.65
99.8%
5
.
Q2 2024
166
$1,748,471
$503.24
100.0%
6
.
CHANGE
19.4%
4.1%
12.2%
0.2%
18.8%
READY WHEN YOU ARE
You don’t have to do life like everyone else
If you’re craving content that feels like a deep breath, a brand that mirrors your evolution, or a space that honors both your ambition and your rest… you’ve found your corner of the internet. Stay awhile. Explore. And if it speaks to you, let’s build something beautiful together.
