Southern Maryland
Q2 2024
MARKET REPORT
SECOND QUARTER
MARKET REPORT
Southern Maryland sprang into Q2 2024 with renewed energy. Closed sales jumped nearly 36%, volume surged around 45%, and homes flew off the market in just 8 days. Median pricing climbed to $438,488 as inventory tightened to under two months. It wasn’t a market warmed by momentum—it was a market recalibrated through clarity. Buyers leaned in. Sellers held strong. And the region’s rhythm moved with purpose.
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%
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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
Southern Maryland
Greater Annapolis
Eastern Shore
Greater Baltimore
CLOSED UNITS
1428
2104
498
5720
TOTAL
VOLUME
$678,287,594
$1,282,227,936
$337,709,629
$2,326,118,151
EOM INVENTORY
1.9
1.3
3
1.9
CURRENT INVENTORY
946
-9.5%
YOY CHANGE
QTD CLOSED VOLUME
$678,287,594
8.4%
YOY CHANGE
QTD CLOSED SALES
1428
2.3%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$460,567
1.9%
YOY CHANGE
Southern Maryland
AT A GLANCE
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YEAR
CLOSED SALES
CLOSED SALES VOLUME
MEDIAN DAYS ON MARKET
MEDIAN SALES PRICE
INVENTORY
.
Q1 2024
1052
$468,919,772
15
$422,332
2.1
.
Q2 2024
1428
$678,287,594
8
$438,488
1.9
.
CHANGE
35.7%
44.6%
-45.7%
3.8%
-9.5%
$1,505,000 | Solomons, MD
13620 Kersey Way
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
657
423
11
2
0
0
.
Q2 2024
590
496
20
4
0
0
.
CHANGE
-10.2%
17.3%
81.8%
100.0%
0.0%
0.0%
$1,250,000 | NEWBURG, MD
12295 Potomac View Rd
$1,150,000 | Leonardtown, MD
40539 Port Pl
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
262
6
0
0
0
0
.
Q2 2024
279
10
0
0
0
0
.
CHANGE
6.5%
66.7%
0.0%
0.0%
0%
0%
$1,375,000 | Port Republic, MD
4100 Hidden Creek Rd
$1,270,000 | HUNTINGTOWN, MD
5110 Sea Fossil Dr
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
20
1
0
0
0
0
.
Q2 2024
20
3
0
0
0
0
.
CHANGE
0.0%
200.0%
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
.
Q2 2023
58
$719,845
$340.74
99.3%
26
.
Q2 2024
65
$706,745
$327.85
99.4%
7
.
CHANGE
12.1%
-1.8%
-3.8%
0.1%
-71.4%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q2 2023
14
$1,229,447
$374.14
102.5%
32
.
Q2 2024
24
$1,226,117
$297.18
98.9%
11
.
CHANGE
71.4%
-0.3%
-20.6%
-3.4%
-66.3%
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