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As we close out August 2024, Southern Maryland’s real estate market—encompassing Charles, Calvert, and St. Mary’s counties—presents a compelling mix of trends in both the luxury and waterfront segments. Known for its scenic landscapes and waterfront appeal, this region continues to attract buyers seeking a balance of luxury living and serene waterfront properties. In this report, we’ll explore key data points, including pricing trends, days on market, and sales activity, providing insights into the current state of the high-end real estate market in Southern Maryland. Let’s dive into the numbers to see how these segments performed throughout August.
Exploring Market Metrics
In August 2024, the Southern Maryland luxury market saw notable changes, particularly in pricing and market activity. The average price for luxury properties rose to $1,242,777, a slight increase from $1,111,369 in July but still lower than the $1,329,111 recorded in August 2023. This suggests that while demand remains steady, prices have moderated compared to last year’s highs.
One of the most significant changes was in days on market, which dropped dramatically to just 3 days, down from 24 days in July and 41 days in August 2023. This indicates that luxury homes are selling almost immediately, signaling high demand and eager buyers ready to act quickly.
However, total sales volume decreased to just 2 properties sold in August, down from 4 in July and 9 in August 2023. This decline in sales could point to limited inventory or fewer high-end properties coming onto the market.
The list price to sales price ratio reached 100%, an improvement from 98.8% in July and significantly higher than the 97.1% recorded in August 2023. This indicates that sellers are achieving full asking prices, further emphasizing the strong demand for luxury properties in Southern Maryland.
southern maryland luxury | august 2024 | July 2024 | august 2023 |
Average Price | $1,242,777 | $1,111,369 | $1,329,111 |
Days on Market | 3 | 24 | 41 |
Total Sales | 2 | 4 | 9 |
List Price To Sales Price | 100% | 98.8 % | 97.1% |
The Southern Maryland waterfront market saw a mix of steady performance and notable improvements in August 2024. The average price for waterfront properties slightly decreased to $696,450, down from $701,176 in July and a more significant drop from $795,917 in August 2023. This suggests a softening in pricing as the market adjusts, though demand for waterfront living remains consistent.
Days on market improved significantly, with homes selling in an average of 23 days, down from 53 days in July and 50 days in August 2023. This faster turnaround time indicates that waterfront properties are moving more quickly, perhaps driven by buyers seizing opportunities at slightly lower price points.
Total sales increased to 20 properties in August, up from 17 in July but slightly lower than the 24 sales recorded in August 2023. This uptick reflects growing interest in waterfront properties as the summer market remains active, despite slightly lower pricing.
The list price to sales price ratio also improved, rising to 97.5% from 95.8% in July and 96.7% in August 2023. This suggests that sellers are receiving offers closer to their asking prices, reflecting stable demand for waterfront homes in Southern Maryland.
southern maryland WATERFRONt | august 2024 | July 2024 | august 2023 |
|---|---|---|---|
Average Price | $696,450 | $701,176 | $795,917 |
Days on Market | 23 | 53 | 50 |
Total Sales | 20 | 17 | 24 |
List Price To Sales Price | 97.5% | 95.8 % | 96.7% |
let's look at the average property in each market in aug '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
SOUTHERN MD LUXURY | 4 | 5 | 4,892 | $301.55 |
SOUTHERN MD WATERFRONTS | 4 | 3 | 2,344 | $356.48 |
Luxury homes in Southern Maryland offer more interior space at a slightly lower price per square foot, catering to buyers seeking expansive homes with high-end amenities.
Waterfront homes, while smaller, command a higher price per square foot due to their desirable locations and water access, appealing to buyers focused on lifestyle and outdoor living.
The difference in PPSF highlights the premium placed on waterfront living, even though waterfront homes are smaller than their luxury counterparts, demonstrating that location is a key driver of value in this segment.
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in August? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
In Conclusion
The Southern Maryland real estate market in August 2024 presented clear distinctions between its luxury and waterfront segments, each attracting different buyer profiles. The luxury market continues to cater to affluent families and individuals seeking expansive homes with high-end amenities, while the waterfront market remains focused on offering a unique lifestyle, where location and water access command a premium.
Despite fewer sales in the luxury segment, high demand is evident, as homes are selling quickly and at full asking price. The waterfront market, although seeing a slight dip in average pricing, remains competitive with properties moving faster than in previous months and at prices close to asking. Buyers in this segment are paying a premium per square foot, highlighting the ongoing appeal of waterfront living.
As we move forward, Southern Maryland's real estate market shows a healthy balance between size, luxury, and lifestyle, offering opportunities for both buyers and sellers across these high-demand segments. Whether seeking sprawling luxury estates or the tranquility of waterfront living, the region continues to provide diverse options that meet the evolving needs of its buyer base.
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