Southern Maryland
Q4 2024
MARKET REPORT
FOURTH QUARTER
MARKET REPORT
As 2024 concluded, Southern Maryland revealed a quietly resilient housing market. After a modest dip mid-year, sales volumes recovered, while pricing edged upward and inventory softened slightly—resetting into a more stable and responsive groove. Homes continued to move steadily, signaling that supply remained balanced enough to sustain momentum. It wasn’t a market in rush—it was in rhythm, ready for what’s ahead.
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
Southern Maryland
Greater Annapolis
Eastern Shore
Greater Baltimore
CLOSED UNITS
1170
1819
472
4858
TOTAL
VOLUME
$555,763,761
$1,074,948,612
$335,159,041
$1,900,579,553
EOM INVENTORY
2.3
1.3
2.9
2.1
CURRENT INVENTORY
863
21.1%
YOY CHANGE
QTD CLOSED VOLUME
$555,763,761
3.1%
YOY CHANGE
QTD CLOSED SALES
1170
-0.4%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$469,731
0.8%
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
.
Q3 2024
1355
$648,182,321
11
$440,450
1.9
.
Q4 2024
1170
$555,763,761
16
$436,240
2.3
.
CHANGE
-13.7%
-14.3%
41.2%
-1.0%
21.1%
$1,750,000 | Lexington Park, MD
46386 Fletcher Ct
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
558
336
12
4
1
0
.
Q4 2024
474
359
14
5
1
0
.
CHANGE
-15.1%
6.8%
16.7%
25.0%
0.0%
0.0%
$1,512,500 | Lusby, MD
337 Overlook Dr
$1,299,900 | AVENUE, MD
38320 Collins 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
235
10
0
0
0
0
.
Q4 2024
279
8
0
0
0
0
.
CHANGE
18.7%
-20.0%
0.0%
0.0%
0%
0%
$1,750,000 | Piney Point, MD
16105 Thomas Rd
$1,700,000 | Mechanicsville, MD
38650 New Market Turner 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
10
0
0
0
0
0
.
Q4 2024
14
1
0
0
0
0
.
CHANGE
40.0%
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
.
Q4 2023
38
$764,272
$340.58
99.0%
13
.
Q4 2024
57
$767,068
$307.28
95.0%
30
.
CHANGE
50.0%
0.4%
-9.8%
-4.0%
133.3%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q4 2023
17
$1,318,007
$290.11
97.7%
9
.
Q4 2024
15
$1,350,093
$340.26
97.7%
19
.
CHANGE
-11.8%
2.4%
17.3%
0.1%
119.2%
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