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Welcome to our quarterly real estate market report. This comprehensive review covers key insights and data from the Greater Annapolis region which we are defining as Anne Arundel County. It's one of the most desirable regions for luxury and waterfront properties with its blend of historic charm, waterfront access and proximity to the Chesapeake Bay. The Greater Annapolis market continues to evolve, with significant shifts across inventory, price fluctuations, and buyer behavior, all of which are detailed in this report. We’ve also included community spotlights, luxury market trends, buyer insights, and a quarterly forecast to offer a forward-looking perspective for the next quarter’s opportunities. Whether you're looking for a primary residence or a second home, this report gives you everything you need to make informed decisions in the Greater Annapolis market.
Table of Contents
What You’ll Find in This Report
This report offers a deep dive into the real estate trends in Greater Annapolis, which we are defining as properties in Anne Arundel County worth over $1M.
Key Insights Covered:
Market Performance: Quarter-over-quarter and year-over-year comparisons on transactions, sales value, price per square foot (PPSF), and days on market.
Community Spotlights: Deep dives into the top-performing neighborhoods, highlighting local trends, new developments, and buyer demand.
Luxury Market Analysis: Breakdown of notable luxury sales, including the top sales, 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.
Greater Annapolis Market Analysis
The Greater Annapolis market experienced continued strong demand in Q2 2024, particularly in the luxury and waterfront segments. While the total number of transactions and sales value increased compared to Q2 2023, properties also sold faster, with an increase in the average days on market. The average price per square foot also rose, reflecting increasing competition for high-end properties.
Key Metrics
Metric | Q2 2024 | Q2 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 166 | 139 | +19.42% |
Waterfront Transactions | 56 | 45 | +24.44% |
Total Sales Value | $290,358,790 | $234,827,787 | +23.60% |
Average Sales Price | $1,749,149 | $1,689,409 | +3.53% |
Price Per Square Foot | $538.24 | $471.45 | +14.15% |
Days on Market (Average) | 27.34 | 21.31 | +28.30% |
Waterfront Lifestyle Feature
Greater Annapolis offers an unparalleled lifestyle for those seeking waterfront living. The region provides quick access to the Chesapeake Bay, world-class marinas, and opportunities for boating, sailing, and water sports. Many homes feature private docks, offering the perfect retreat for waterfront enthusiasts.
Click below to view our complete waterfront guide to Greater Annapolis!
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
Murray Hill remains one of the most desirable neighborhoods in Annapolis. This quarter, it led the region with a total sales value of over $20 million, with 10 transactions and an average sales price of just over $2 million. Homes in Murray Hill continue to move fast, with properties spending an average of just 15 days on the market.
Q2 2024 Key Metrics:
Total Sales Value: $20,124,500
Average Sales Price: $2,012,450
Number of Transactions: 10
Average Days on Market: 15
Lifestyle Feature:
Murray Hill residents enjoy walkability to historic Annapolis, nearby parks, the arts district, and countless dining options.
Eastport continues to dominate as a key waterfront community, with 8 transactions this quarter and an average sales price of over $2.1 million. The market here remains competitive, with homes selling in just under 11 days.
Q2 2024 Key Metrics:
Total Sales Value: $16,995,000
Average Sales Price: $2,124,375
Number of Transactions: 8
Average Days on Market: 10.88
Lifestyle Feature:
Living in Eastport means being part of the Annapolis Regatta culture and having the best seafood restaurants and cafes within walking distance.
Known for its luxury waterfront estates, Winchester on the Severn saw fewer transactions (2) this quarter but commanded the highest average sales price at nearly $3.5 million. Properties here take longer to sell, with an average of 91 days on the market, but they offer exceptional privacy and waterfront access.
Q2 2024 Key Metrics:
Total Sales Value: $6,975,000
Average Sales Price: $3,487,500
Number of Transactions: 2
Average Days on Market: 91
Investment Insight:
Winchester on the Severn has seen consistent value appreciation due to its unique combination of privacy and waterfront luxury.
Luxury Sales
The luxury market in Greater Annapolis saw significant activity in Q2 2024, with demand for large waterfront estates driving the top sales. The highest-priced transaction was a property on Milvale Rd, selling for $6.9 million. Several other properties sold quickly in this competitive segment, particularly those with waterfront access.
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 Greater Annapolis continues to skew towards high-net-worth individuals seeking either primary residences or second homes. The market remains competitive, especially for waterfront properties and homes in desirable neighborhoods. The demand for privacy, waterfront access, and modern amenities is driving much of the activity in Q2 2024.
Key Insights
Buyer Demographics: Many buyers are coming from nearby metropolitan areas such as Washington, D.C., and Baltimore. The majority are high-income professionals, retirees, or second-home buyers looking for luxury primary residences or seasonal waterfront homes.
Property Preferences:
Waterfront properties remain a top priority for buyers. Homes offering direct water access, dock facilities, and privacy continue to command premium prices.
New construction and modern finishes: Homes with modern amenities and turnkey properties are in high demand, particularly in the luxury segment.
Proximity to downtown Annapolis: Buyers looking for walkability, access to cultural activities, and a vibrant community are attracted to properties in or near downtown neighborhoods like Murray Hill and Eastport.
Financing Trends:
Cash purchases dominate the luxury segment, as high-net-worth buyers take advantage of favorable market conditions.
Financed purchases: More buyers in the mid-to-high-end market are leveraging low interest rates for mortgages, particularly in the $1M-$2M price range.
Eco-Friendly and Sustainable Living
There is also growing demand for luxury homes with eco-friendly features. In Greater Annapolis, many newly constructed homes incorporate energy-efficient systems, solar panels, and sustainable building materials. Buyers are increasingly looking for properties that align with their environmental values without compromising luxury.
Quarterly Forecast (Q3 2024)
Market Outlook for Q3 2024
Continued Demand for Waterfront and Luxury Properties - The strong demand for waterfront properties and luxury homes is expected to continue, particularly as high-net-worth buyers from urban centers like Washington, D.C., and Baltimore seek more private and spacious living environments. We anticipate a slight increase in the average price per square foot for high-end properties, particularly in desirable areas like Eastport and Winchester on the Severn.
Stable Inventory Levels, but Increased Competition - Inventory levels are likely to remain tight, especially for premium homes. This is expected to result in increased competition among buyers, keeping prices steady or driving them slightly higher. Homes in sought-after communities like Murray Hill and Annapolis Neck may sell even faster in Q3.
Interest Rate Impact on Mid-Range Homes - As interest rates remain favorable, mid-range buyers ($1M-$2M) may continue to take advantage of financing options, leading to sustained activity in this segment. However, a potential rise in interest rates could slightly temper demand in this bracket toward the end of the quarter.
Seasonal Buyer Activity - Historically, Q3 sees increased buyer activity as families finalize home purchases before the school year begins. Expect higher demand for family-friendly homes in Annapolis Neck and Bay Ridge during the summer months.
Exclusive Offerings for Buyers
Private Consultations and Home Tours
Interested in finding your perfect Annapolis waterfront home? Schedule a private consultation with us for a tailored home tour or to discuss investment opportunities. We offer exclusive access to some of the most desirable properties in the region.
As we conclude this quarterly analysis of the Greater Annapolis luxury real estate market, it’s evident that the region continues to attract high-end buyers seeking both luxury and lifestyle. With consistent demand for waterfront properties and top-tier homes, the market has maintained strong sales figures despite fluctuating economic conditions.
The rise in both listed and sold median prices over the last few years reflects the continued desirability of the area, while key trends such as faster days on market and increased competition among buyers highlight the competitiveness of this luxury segment. Moving forward, the market is expected to remain robust, especially as we move into the final quarter of the year. Buyers and sellers alike should prepare for continued strong demand, particularly in neighborhoods offering unique waterfront access and luxury amenities.
Our forecast anticipates that interest in Annapolis luxury homes will remain high, driven by continued low inventory and a focus on lifestyle-driven purchases. As always, we encourage prospective buyers and sellers to stay informed of market trends and to work with experienced professionals to navigate this dynamic market.
We hope you’ve found this report insightful and that it aids in your real estate decisions. Should you have any questions or require further information, our team is here to assist.
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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