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Welcome to the Q2 2024 Market Report! This comprehensive review covers the key insights and data from the luxury real estate market across Maryland's Eastern Shore, including Talbot, Kent, and Queen Anne's counties. Known for its scenic beauty, historic charm, and access to the Chesapeake Bay, the Eastern Shore remains a desirable destination for high-end buyers seeking privacy, waterfront living, and spacious estates. Despite broader economic conditions, the luxury market in the Eastern Shore continued to show resilience and strength, with key shifts in buyer behavior, price trends, and days on market. This report includes community spotlights, luxury market trends, buyer insights, and a forecast for Q3 2024 to help you make informed decisions. Whether you're looking for a primary residence or a seasonal retreat, this report covers the critical data you need.
Table of Contents
What You’ll Find in This Report
This report offers a deep dive into the real estate trends in the Eastern Shore of Maryland, focusing on luxury properties sold over $1 million in Talbot, Kent, and Queen Anne's counties.
Key Insights Covered:
Market Performance: Quarter-over-quarter comparisons on transactions, sales value, price per square foot (PPSF), and days on market.
Community Spotlights: Deep dives into top-performing neighborhoods, highlighting local trends, new developments, and buyer demand.
Luxury Market Analysis: Breakdown of notable luxury sales, including the top transactions, and what factors are driving premium prices.
Buyer Insights: A closer look at who is buying, including demographic data, preferences for waterfront vs. non-waterfront properties, and shifts in cash vs. financed purchases.
Visual Data: Graphs and charts to make key data points accessible, such as trends in inventory, average sale price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter based on current data, interest rate trends, and inventory projections.
EASTERN SHORE Market Analysis
The luxury real estate market on the Eastern Shore saw remarkable growth in Q2 2024, with the total number of transactions rising by 62% year over year and the total sales value increasing by over 65%. The average sales price of luxury properties also experienced a modest increase, up 2.11% compared to Q2 2023. Additionally, homes in the luxury segment sold slightly faster, with the average days on market (DOM) dropping by 4.49%.
Key Metrics
Metric | Q2 2024 | Q2 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 60 | 37 | +62.16% |
Waterfront Transactions | 49 | 30 | +63.33% |
Total Sales Value | $124,261,207 | $75,050,073 | +65.59% |
Average Sales Price | $2,071,020 | $2,028,034 | +2.11% |
Price Per Square Foot | $580.09 | $506.33 | +14.57% |
Days on Market (Average) | 42.05 | 44.03 | -4.49% |
Curious what your waterfront property is worth? We do private consultations regularly and happy to do one for you as well. They don't always mean you're interested in selling. You can use our valuations to help with estate planning, financial forecasting or just for your own information.
Community Spotlights
Easton continues to be one of the most sought-after locations on the Eastern Shore. Known for its blend of historic charm and modern amenities, Easton offers a high quality of life that attracts both full-time residents and second-home buyers. The town is famous for its vibrant arts scene, boutique shopping, and excellent dining options, making it a cultural hub for the region. Easton also provides easy access to the Chesapeake Bay, allowing residents to enjoy boating, fishing, and waterfront living.
Q2 2024 Key Metrics:
Total Sales Value: $26,250,000
Average Sales Price: $2,187,500
Number of Transactions: 12
Average Days on Market: 56
Many buyers are drawn to Easton’s peaceful suburban atmosphere, which combines the best of small-town living with convenient access to larger cities like Washington, D.C., and Baltimore.
Lifestyle Feature:
Living in Easton offers a unique mix of quiet, laid-back charm and access to some of the best cultural and recreational activities on the Eastern Shore. Residents enjoy the best of both worlds: a relaxed pace of life with nearby theaters, galleries, and historical landmarks, as well as opportunities for outdoor adventure with easy access to the Chesapeake Bay. Easton’s walkable downtown makes it easy to explore local cafes, artisanal shops, and farmers markets, giving residents a sense of community and belonging.
Saint Michaels is one of the most picturesque and desirable waterfront towns on Maryland's Eastern Shore. Steeped in history, this charming town is known for its colonial architecture, world-class marinas, and stunning waterfront views of the Chesapeake Bay. It offers a slower, relaxed pace of life, making it an attractive destination for retirees, second-home buyers, and those seeking a peaceful escape from city life.
Q2 2024 Key Metrics:
Total Sales Value: $19,697,707
Average Sales Price: $2,462,213
Number of Transactions: 8
Average Days on Market: 18
Lifestyle Feature:
Life in Saint Michaels revolves around the water. Residents can enjoy sailing, fishing, and kayaking on the Bay, while land lovers appreciate the town's quaint streets, gourmet restaurants, and boutique shopping. The town is also a haven for history buffs and art lovers, with galleries, museums, and historical landmarks. Whether you’re exploring the local farmer's market or enjoying a sunset cruise, Saint Michaels offers a lifestyle that perfectly blends luxury, relaxation, and coastal charm.
Chestertown is a historic gem on the Eastern Shore, known for its preserved colonial architecture, waterfront charm, and vibrant community. Nestled along the Chester River, Chestertown attracts those looking for quiet, scenic living with a strong sense of history. The town’s rich cultural heritage, combined with its proximity to Washington, D.C., and Philadelphia, makes it an appealing destination for second-home buyers and retirees.
Chestertown’s real estate market often draws buyers interested in waterfront homes and historic properties. The town's well-preserved streets and local events, such as the Chestertown Tea Party Festival, add to its unique appeal, blending historical significance with a close-knit community feel.
Q2 2024 Key Metrics:
Total Sales Value: $10,910,000
Average Sales Price: $1,558,571
Number of Transactions: 7
Average Days on Market: 32
Investment Insight:
Living in Chestertown offers a quiet, riverfront lifestyle with a deep connection to history and nature. Residents enjoy the town's picturesque streets lined with colonial-era homes, local farmers markets, and waterfront parks. The Chester River is a hub for outdoor activities like sailing, kayaking, and fishing, providing endless recreational opportunities. Additionally, Chestertown's cultural scene is enriched by its local art galleries, historic landmarks, and regular festivals, making it a perfect blend of small-town charm and sophisticated living.
Luxury Sales
The luxury real estate market on the Eastern Shore was driven by a continued interest in waterfront properties and spacious estates. Several significant transactions were recorded in Q2 2024, with properties boasting large acreages, modern amenities, and exclusive access to the Chesapeake Bay commanding top prices.
Among the highest sales were properties located in Talbot and Queen Anne's counties, with prices exceeding $5 million. Demand remained strong for homes offering modern finishes and eco-friendly features, particularly among high-net-worth individuals from nearby urban areas seeking seasonal or second homes.
Luxury Real Estate as an Investment
The luxury market continues to grow, with top properties appreciating significantly year over year. Buyers are not just purchasing a home—they are investing in a lifestyle. Over the past two quarters, high-end properties have appreciated by an average of 3.6%, making them a smart choice for long-term investment.
Buyer Insights
The buyer profile in the Eastern Shore continues to favor high-net-worth individuals, with many seeking waterfront estates and historic properties. The market remains competitive, particularly for waterfront properties and homes in desirable towns like Easton, Saint Michaels, and Chestertown. Many of these buyers are either looking for second homes or planning for retirement, drawn to the region's blend of tranquility and coastal charm.
Key Insights
Buyer Demographics: Many buyers come from nearby metropolitan areas such as Washington, D.C., Philadelphia, and Baltimore. High-income professionals and retirees make up the majority of the buyers, looking for luxury homes with privacy, waterfront access, or historic significance.
Property Preferences:
Waterfront properties are a top priority for buyers. Homes offering direct water access, private docks, and expansive views continue to command premium prices.
Historic homes: In towns like Chestertown, buyers are attracted to well-preserved colonial and Victorian-era properties that offer both historical significance and modern luxury amenities.
Turnkey homes: Buyers are increasingly seeking homes with modern finishes, energy-efficient features, and minimal required updates, particularly in the luxury segment.
Financing Trends:
Cash purchases dominate the luxury segment as high-net-worth buyers look to take advantage of favorable market conditions.
Financed purchases: More buyers in the mid-to-high-end market ($1M–$2M range) are leveraging low-interest financing options.
Eco-Friendly and Sustainable Living
There is a growing demand for luxury homes with eco-friendly features. Many buyers are prioritizing properties that incorporate energy-efficient systems, solar panels, and sustainable building materials, aligning with their environmental values without sacrificing luxury.
Quarterly Forecast (Q3 2024)
Market Outlook for Q3 2024
Continued Demand for Waterfront and Luxury Properties: The strong demand for waterfront properties and spacious estates is expected to continue throughout Q3 2024. High-net-worth buyers from Washington, D.C., Philadelphia, and Baltimore will continue to seek private, serene living environments, particularly in towns like Easton, Saint Michaels, and Chestertown. We anticipate a modest increase in the average price per square foot, especially for properties with premium waterfront access and modern amenities.
Inventory Levels and Buyer Competition: Inventory levels in the luxury segment are expected to remain tight, particularly for high-end waterfront homes. This limited supply is likely to create increased competition among buyers, leading to sustained or slightly rising prices. Communities with a strong blend of waterfront and historic homes, such as Chestertown and Saint Michaels, may see properties selling faster as buyer demand grows.
Impact of Interest Rates on Mid-Range Homes: Favorable interest rates may continue to drive the mid-range segment ($1M–$2M), particularly among buyers financing larger portions of their purchases. However, if interest rates rise toward the end of the quarter, demand could slow slightly in this bracket, with more buyers opting to move quickly on properties before rates increase further.
Seasonal Buyer Activity: Q3 historically sees increased buyer activity as families finalize home purchases before the start of the school year. We expect to see a higher demand for family-friendly homes in Easton and other popular waterfront communities as summer vacation home buyers look to close deals before fall. Activity is also likely to spike with vacationers seeking second homes ahead of the holiday season.
Exclusive Offerings for Buyers
Private Consultations and Home Tours
At our firm, we understand that every luxury buyer has unique preferences, whether it’s for waterfront estates, historic homes, or modern retreats. We offer private consultations to help you find your dream property in the Eastern Shore region. Our tailored home tours are designed to match your specific needs and provide exclusive access to some of the most desirable properties across Easton, Saint Michaels, Chestertown, and beyond.
Investment Opportunities
For buyers seeking real estate as an investment, we provide comprehensive market analysis to help identify properties with the greatest potential for value appreciation. From waterfront estates with private docks to income-producing vacation rentals, we’ll help you capitalize on opportunities in this competitive market.
Off-Market Properties
Looking for something truly unique? Gain access to our network of off-market luxury listings. These properties are not publicly available and offer an exclusive opportunity for discerning buyers seeking privacy and seclusion.
Waterfront Property Consultations
We specialize in luxury waterfront properties across the Eastern Shore. Our team is highly experienced in the complexities of waterfront real estate, from understanding riparian rights to navigating regulations for private docks. Whether you're looking for a weekend retreat or a full-time residence with water access, we provide expert guidance tailored to your needs.
As we wrap up this quarterly analysis of the Eastern Shore luxury real estate market, it’s clear that the region continues to attract high-net-worth buyers seeking both luxury and lifestyle. With consistent demand for waterfront properties, historic estates, and spacious homes, the market has shown strong performance, reflected in rising sales values and increased transaction volume.
The substantial increase in both total sales value and waterfront transactions highlights the enduring appeal of the Eastern Shore, particularly for buyers looking for privacy and premium water access. The price per square foot saw a healthy rise, reinforcing the value of homes in key communities like Easton, Saint Michaels, and Chestertown. As inventory remains tight, the competition for high-end properties is expected to continue into Q3, driving further interest in the luxury market.
Moving forward, we anticipate sustained demand for luxury homes, especially in sought-after waterfront locations. Buyers and sellers should be prepared for a dynamic market, with opportunities continuing to emerge across the region.
We hope this report has provided valuable insights to help guide your real estate decisions. Should you have any questions or require further information, our team is here to assist. Whether you're exploring investment opportunities or seeking your dream home on the Eastern Shore, we’re dedicated to helping you navigate this unique market with confidence.
Thank you for trusting us with your real estate needs, and we look forward to continuing to provide you with timely, actionable market insights.
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