Greater Annapolis
Q4 2024
MARKET REPORT
FOURTH QUARTER
MARKET REPORT
As 2024 closed, Greater Annapolis reflected a market transitioning with poise. Sales and volume slowed, inventory tightened, and price levels edged upward—especially in move-up and luxury segments. The mid-market ($1M–$3M) stood out with strong gains, while entry- and ultra-luxury tiers steadied. Luxury homes performed well—though with slightly longer timelines—signaling both selectivity and confidence. It was a measured slowdown, not a stall—and a market preparing for what’s next with clarity and composure.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
6/30/24
$39,169.52
100.4
6.62%
4.1%
12/31/23
$37,689.54
110.7
6.90%
3.7%
12/31/24
$42,544.22
104.7
7.04%
4.1%
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DATES
12/31/24
6/30/24
12/31/23
GDP
2.4%
2.8%
2.5%
Economic Factors
Impact On The Market
The final quarter of 2024 delivered resilience across Maryland. National indicators rebounded—GDP grew 2.4% and confidence strengthened—even as mortgage rates stayed near 7%. Locally, sales volume rebounded modestly, median prices ticked upward, and inventory tightened slightly. The mid-tier ($500K–$1.5M) proved particularly strong, while luxury and waterfront segments showed steady performance with longer timelines. Entry-level affordability remained strained, but the overall tone was one of stability. Q4 didn’t bring explosive growth, but it showcased a disciplined market closing the year on solid footing.
For Sellers:
Mid-tier homes enjoyed consistent, competitive demand.
Luxury remained steady, though buyers moved more selectively.
Tighter inventory kept leverage tilted toward sellers.
For Buyers:
Conditions provided more balance without undermining pricing.
Mid-tier activity required readiness; entry-level remained scarce.
Luxury opportunities emerged where timelines lengthened.
year over year
Trends For The Quarter
REGIONS
Greater Annapolis
Greater Baltimore
Eastern Shore
Southern Maryland
CLOSED UNITS
1819
4858
472
1170
TOTAL
VOLUME
$1,074,948,612
$1,900,579,553
$335,159,041
$555,763,761
EOM INVENTORY
1.3
2.1
2.9
2.3
CURRENT INVENTORY
752
-13.3%
YOY CHANGE
QTD CLOSED VOLUME
$1,074,948,612
20.0%
YOY CHANGE
QTD CLOSED SALES
1819
14.0%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$586,634
4.6%
YOY CHANGE
Greater Annapolis
AT A GLANCE
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YEAR
CLOSED SALES
CLOSED SALES VOLUME
MEDIAN DAYS ON MARKET
MEDIAN SALES PRICE
INVENTORY
.
Q3 2024
2063
$1,183,628,213
7
$485,342
1.5
.
Q4 2024
1819
$1,074,948,612
10
$491,833
1.3
.
CHANGE
-11.8%
-9.2%
40.9%
1.3%
-13.3%
$8,200,000 | Annapolis, MD
964 Melvin 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+
.
Q4 2023
420
455
52
26
10
4
.
Q4 2024
451
522
71
31
12
8
.
CHANGE
7.4%
14.7%
36.5%
19.2%
20.0%
--
$3,675,000 | Annapolis, MD
2 Market Quay
$3,300,000 | Gibson Island, MD
725 Skywater 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+
.
Q4 2023
336
151
3
0
0
1
.
Q4 2024
352
225
3
1
0
1
.
CHANGE
4.8%
49.0%
--
--
--
--
$4,250,000 | Severna Park, MD
519 Scrimshaw Ln
$3,700,000 | Gambrills, MD
985 St Stephens Church Rd
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+
.
Q4 2023
94
17
0
1
0
1
.
Q4 2024
105
17
0
0
0
0
.
CHANGE
11.7%
0.0%
--
-100%
--
-100%
WATERFRONT MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q4 2023
64
$1,419,542
$510.72
95.3%
20
.
Q4 2024
70
$1,500,530
$491.61
96.7%
18
.
CHANGE
9.4%
5.7%
-3.7%
1.5%
-6.8%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q4 2023
99
$1,608,158
$521.36
98.9%
12
.
Q4 2024
127
$1,626,406
$438.85
96.9%
16
.
CHANGE
28.3%
1.1%
-15.8%
-2.0%
29.7%
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