.png){kind=small}
SOUTHERN MARYLAND
MARKET REPORt
CHARLES COUNTY, CALVERT COUNTY, SAINT MARYS COUNTY
FOREWARD
This report provides a comprehensive analysis of the Southern Maryland real estate market, encompassing Charles, Calvert, and St. Mary's Counties, for the year 2024. The data reveals a market characterized by steady growth and stability, offering valuable insights for buyers, sellers, investors, and other stakeholders interested in this dynamic region.
In 2024, the Southern Maryland market demonstrated healthy activity, with total sales volume reaching $2,345,116,239. This represents a positive increase of 3.88% compared to the prior year's $2,257,458,200, indicating continued investment and confidence in the region's real estate. This increase in sales volume underscores the market’s resilience and its ability to attract buyers and sellers.
Accompanying this growth in sales volume was a consistent rise in average sales prices. The average price in Southern Maryland climbed to $469,775, reflecting a 4.71% increase from the previous year's $448,624. This steady price appreciation suggests a balanced market dynamic, with demand supporting upward pressure on prices without experiencing excessive fluctuations. While the number of transactions saw a slight decrease of 0.81%, dropping from 5,033 to 4,992, this minor dip, coupled with the increased sales volume, indicates that higher-priced properties are contributing more significantly to the overall market value.
This report also examines market activity at the local level, highlighting top-performing towns within the region. By number of units sold, Waldorf led the way with 1,015 transactions, showcasing its significant role in the Southern Maryland market. Waldorf also led in total sales volume with $451,913,700. This localized data provides a more granular understanding of market dynamics within specific communities.
This report delves into these trends and other crucial market indicators, offering a detailed overview of the Southern Maryland real estate landscape in 2024. The insights presented herein aim to provide a valuable resource for navigating this diverse and evolving market.
Total Sales Volume
$2,345,116,239
+ 3.88%
prior year
$2,257,458,200
Average Sales Price
$469,775
+ 4.71%
prior year
$448,624
Number of Transactions
4,992
- 0.81%
prior year
5,033
Average Days On Market
27
- 3.87%
prior year
28
The Big Picture
lets take a look at a breakdown of the full market segment
what & how
lets take a look at what and how people are buying in all market segments
BEDROOM BREAKDOWN
0-2 Bedrooms
335
$293,849
99.0%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
3 Bedrooms
2,138
$393,382
99.8%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
4+ Bedrooms
2,519
$558,010
100.0%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
TYPE BREAKDOWN
single families
3,840
$502,033
100.0 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
townhouses
1,033
$369,184
99.8 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
condos
79
$290,326
99.2 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
FINANCING BREAKDOWN
conventional
1,915
va
1,217
cash
483
FHA
1,149
private
21
usda
108
trade
1
owner financed
1
other
88
location data
lets take a look at where people are buying in all market segments
Waldorf, MD
Top Units By Town
Waldorf
La Plata
White Plains
Lusby
California
Lexington Park
Mechanicsville
Leonardtown
Huntingtown
Prince Frederick
1,015
437
320
296
291
253
231
204
169
160
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Top VOLUME By Town
Waldorf
La Plata
White Plains
California
Leonardtown
Lusby
Mechanicsville
Huntingtown
Lexington Park
Prince Frederick
$451,913,700
$217,446,473
$158,299,496
$115,150,626
$112,820,281
$112,647,003
$105,608,778
$104,033,890
$91,901,505
$75,678,521
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
hot spots
lets take a look at where people want to be the most
BY NUMBER OF SALES
Chesapeake Ranch Estates (Lusby, MD) - 171
Pinegrove (La Plata, MD) - 115
St Charles (White Plains, MD) - 60
Brentwood (Waldorf, MD) - 47
Wildewood (California, MD) - 47
Pinefield (Waldorf, MD) - 46
Stonehaven (White Plains, MD) - 41
Carrington (Waldorf, MD) - 36
Drum Point (Lusby, MD) - 36
Golden Beach (Mechanicsville, MD) - 33
BY AVERAGE PRICE
Breton Beach (Leonardtown, MD) - $958,353
Patuxent Palisades (Dunkirk, MD) - $908,000
Fairview Farm (Owings, MD) - $816,667
Ferry Landing Woods (Dunkirk, MD) - $808,192
Ridge Grove Estates (Hughesville, MD) - $799,167
Owen Soper Estates (Chesapeake Beach, MD) - $787,967
St Leonard Shores (Saint Leonard, MD) - $782,500
Broyhill (Hollywood, MD) - $775,340
Keswick (Hughesville, MD) - $755,126
Heritage Woods (Chesapeake Beach, MD) - $755,000
takeaways
_edited_edited_edited.png)
The Southern Maryland real estate market in 2024 demonstrates a pattern of moderate but consistent growth, reflecting a healthy and stable environment. The increase in total sales volume by 3.88%, reaching over $2.3 billion, signifies continued investment and buyer interest in the region. This growth is complemented by steady price appreciation, with the average sales price rising by 4.71% to $469,775. This balanced price growth suggests a healthy equilibrium between supply and demand, avoiding the volatility seen in some rapidly appreciating markets. While the number of transactions experienced a slight dip of 0.81%, the increased sales volume coupled with a decrease in average days on market (from 28 to 27) indicates that higher-priced homes are contributing more significantly to the overall market value and that properties continue to sell relatively quickly, pointing to ongoing buyer competition.
A closer look at specific communities reveals further insights into market dynamics. Chesapeake Ranch Estates, Pinegrove, and St. Charles lead in sales volume, demonstrating strong demand within these areas. Conversely, Breton Beach, Patuxent Palisades, and Fairview Farm command the highest average prices, highlighting their status as affluent communities with desirable properties. This diversity in performance across different communities underscores the importance of considering local factors when analyzing the Southern Maryland market. The data suggests that while the overall market is healthy, specific areas may experience varying levels of demand and price appreciation.
Looking ahead, the Southern Maryland market is projected to maintain its trajectory of steady growth, with continued price appreciation and healthy sales activity. The moderate growth rate suggests a stable market, less prone to sudden booms or busts. However, it's crucial to monitor external factors such as interest rates, evolving economic conditions, and local development projects, as these can influence the long-term health and direction of the market. By staying attuned to these dynamics and local trends, buyers, sellers, and investors can effectively navigate the opportunities and challenges within this evolving real estate landscape.
Average Sales Price
$1,248,430
- 3.86%
prior year
$1,298,603
Average List To Sales Price
96.7%
- 1.5%
prior year
98.2%
Number of Transactions
prior year
65
+ 25%
52
Average Days On Market
39
+ 18.18%
prior year
33
THE LUX SPACE
lets take a look at the million dollar markets
WHAT SOLD THIS year
THE TOP 10 SALES
get graphic
lets take a look at the data in the million dollar markets
LUX takeaways
The Southern Maryland luxury market (sales over $1M) presents a distinct contrast to the broader market trends. While the overall market demonstrated steady growth in both sales volume and price, the luxury segment reveals a more complex picture. Notably, the average sales price for luxury homes experienced a 3.86% decrease, falling from $1,298,603 to $1,248,430. This price softening is a key deviation from the general market trend and suggests a potential recalibration at the higher end, possibly due to increased inventory, changing buyer preferences, or other market-specific factors.
This shift is further emphasized by the decline in the average list-to-sales price ratio, which dropped 1.5% from 98.2% to 96.7%. This indicates that luxury sellers are now accepting offers closer to or even slightly below their initial asking prices, giving buyers more negotiating leverage. This is a significant change from the previous year and points towards a more balanced market dynamic within the luxury segment.
Despite these price-related adjustments, the luxury market shows continued buyer interest, as evidenced by a substantial 25% increase in the number of transactions, rising from 52 to 65. However, this increased activity is accompanied by a longer average time on market, increasing by 18.18% from 33 to 39 days. This combination of increased sales but slower sales pace suggests a shift in market dynamics where while there are more buyers, they are taking more time to make decisions, likely due to the softening prices and increased negotiating power. This indicates a move towards a more balanced market, or even a slight buyer's market, within the luxury segment, contrasting with the overall market's more seller-friendly conditions.
THE LUX SPACE
lets take a look at the million dollar markets
