Southern Maryland
Q3 2024
MARKET REPORT
THIRD QUARTER
MARKET REPORT
Q3 2024 offered Southern Maryland a poised pause. After a slower Q1 with reduced nearly 17% in transactions, and as year-end data showed modest price growth (~4%), the mid-year likely settled into a balanced rhythm. Buyers saw a market that wasn’t feverish—but wasn’t cooling either. Inventory remained tight, houses moved steadily, and market energy leaned toward clarity over chaos. This was a quarter of thoughtful recalibration, with value and timing taking the lead.
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
Southern Maryland
Greater Annapolis
Eastern Shore
Greater Baltimore
CLOSED UNITS
1355
2063
460
5174
TOTAL
VOLUME
$648,182,321
$1,183,628,213
$286,604,768
$2,107,146,375
EOM INVENTORY
1.9
1.5
3.2
2.2
CURRENT INVENTORY
958
0.0%
YOY CHANGE
QTD CLOSED VOLUME
$648,182,321
2.3%
YOY CHANGE
QTD CLOSED SALES
1355
-2.4%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$466,148
1.2%
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
.
Q2 2024
1428
$678,287,594
8
$438,488
1.9
.
Q3 2024
1355
$648,182,321
11
$440,450
1.9
.
CHANGE
-5.1%
-4.4%
36.0%
0.4%
0.0%
$1,400,000 | Mechanicsville, MD
41840 Gibson Dr
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
641
441
10
3
2
0
.
Q3 2024
549
492
14
1
0
0
.
CHANGE
-14.4%
11.6%
40.0%
-66.7%
-100.0%
0.0%
$1,200,000 | Prince Frederick, MD
6885 Hallowing Point Rd
$1,199,900 | Chesapeake Beach, MD
4485 Bristol Dr
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
254
3
0
0
0
0
.
Q3 2024
255
11
0
0
0
0
.
CHANGE
0.4%
266.7%
0.0%
0.0%
0%
0%
$1,287,500 | Charlotte Hall, MD
12600 Belgium Pl
$1,280,000 | Lusby, MD
13231 Woodbank 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+
.
Q3 2023
25
1
0
0
0
0
.
Q3 2024
21
3
0
0
0
0
.
CHANGE
-16.0%
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
.
Q3 2023
56
$769,402
$330.61
98.4%
16
.
Q3 2024
55
$725,899
$326.61
96.1%
17
.
CHANGE
-1.8%
-5.7%
-1.2%
-2.3%
4.1%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q3 2023
14
$1,381,926
$389.78
94.7%
24
.
Q3 2024
10
$1,181,471
$318.01
100.1%
15
.
CHANGE
-28.6%
-14.5%
-18.4%
5.6%
-37.0%
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