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October 2024 saw dynamic shifts in the Eastern Shore real estate market, with notable activity in the luxury and waterfront segments. These changes reflect evolving buyer preferences and market conditions, with a blend of increased sales activity and pricing adjustments. This report offers an in-depth look at the latest trends, key metrics, and buyer and seller insights shaping the Eastern Shore market. Let’s dive into the data to uncover what’s happening across Queen Anne’s, Talbot, and Kent Counties.
Market Overview
The Eastern Shore market experienced significant growth in sales volume during October, particularly in the waterfront and luxury categories. While prices saw declines compared to September, the increased number of transactions highlights a sustained demand for high-end properties in the region.
Average Sale Price: The luxury segment averaged $1,754,786, representing a notable decline from September but a recovery from a year ago. Similarly, waterfront properties averaged $1,350,856, down significantly from September but still reflective of strong buyer interest.
Days on Market: Properties in both segments lingered longer on the market compared to September, with luxury homes taking 88 days on average and waterfront properties taking 74 days. These increases reflect a shift toward a more balanced market.
Sales Volume: Total transactions surged in both segments, with waterfront homes nearly tripling from September to October, jumping from 14 sales to 38.
This mix of metrics suggests that while pricing adjustments continue, buyer activity remains robust, presenting opportunities for both buyers and sellers.
Luxury Market Insights
The luxury market, defined by properties priced at $1M+, showcased significant movement in October 2024:
Pricing: The average sale price fell to $1,754,786, down from $2,335,429 in September and $2,475,353 in October 2023. This steady decline suggests buyers are leveraging market conditions to negotiate lower prices.
Days on Market: Luxury homes took 88 days on average to sell, a marked increase from 68 days in September. However, this remains a significant improvement over October 2023’s 169 days.
Sales Volume: Transactions surged to 28, double the 14 sales recorded in September and a significant increase from 17 sales a year ago.
List Price to Sale Price Ratio: The ratio held relatively steady at 90.9%, a slight improvement over 90.3% in September, indicating sellers are adjusting to market conditions.
The increased sales volume points to healthy demand, though pricing pressures remain a key consideration for both buyers and sellers.
EASTERN SHORE LUXURY | OCt 2024 | SEPT 2024 | SEPt 2023 |
Average Price | $1,754,786 | $2,335,429 | $2,475,353 |
Days on Market | 88 | 68 | 169 |
Total Sales | 28 | 14 | 17 |
List Price To Sales Price | 90.9% | 90.3% | 87.7% |
Eastern Shore’s waterfront properties remain a cornerstone of the region’s real estate appeal, with unique dynamics in October 2024:
Pricing: The average sale price dropped to $1,350,856, a steep decline from $2,216,857 in September but higher than October 2023’s $1,834,458.
Days on Market: Waterfront homes averaged 74 days on the market, up from 68 days in September but much improved compared to the 128 days seen in October 2023.
Sales Volume: Transactions surged dramatically to 38, more than doubling September’s 14 sales and significantly surpassing October 2023’s 26 sales.
List Price to Sale Price Ratio: The ratio increased to 92.3%, up from 88.3% in September, showing that sellers are achieving closer to their asking prices as the market remains competitive.
The jump in sales volume reflects continued demand for waterfront living, even as buyers navigate rising interest rates and shifting economic conditions.
EASTERN SHORE waterfront | oct 2024 | SEPT 2024 | OCt 2023 |
|---|---|---|---|
Average Price | $1,350,856 | $2,216,857 | $1,834,458 |
Days on Market | 74 | 68 | 128 |
Total Sales | 38 | 14 | 26 |
List Price To Sales Price | 92.3% | 88.3% | 90.6 % |
let's look at the average property in each market in SEPT '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
EASTERN SHORE LUXURY | 4 | 4 | 4,432 | $559.07 |
EASTERN SHORE WATERFRONT | 5 | 5 | 4,421 | $513.26 |
Top 10 Sold Listings
Curious about the top 10 properties that created a buzz in the real estate market in September? Here are some of the exceptional listings that caught the attention of 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.
Buyer & Seller Insights
For Buyers:
The luxury market presents opportunities to negotiate favorable terms, with sellers more open to price adjustments.
Waterfront buyers should act swiftly as transaction volume increases, signaling heightened competition for desirable properties.
For Sellers:
Pricing competitively is critical in the current market, especially as days on market increase.
Highlight unique features such as water access, acreage, or historical charm to attract discerning buyers quickly.
Forecast & Recommendations
As the Eastern Shore market heads into the holiday season:
For Buyers: Expect continued opportunities for negotiation as market adjustments persist. Consider acting now to lock in favorable terms before the market tightens during the winter months.
For Sellers: Focus on strategic pricing and compelling marketing to stand out in a crowded market. With increased buyer activity, the right strategy can result in a successful sale.
Conclusion
October 2024 brought a blend of increased activity and pricing adjustments to the Eastern Shore market. Luxury properties experienced a surge in sales volume but faced ongoing pressure on prices. Meanwhile, waterfront homes saw a remarkable increase in transactions, reflecting strong buyer interest despite longer days on market.
The Eastern Shore remains a unique and sought-after market, balancing its idyllic charm with evolving buyer preferences. As we look ahead, the region’s real estate landscape continues to offer opportunities for both buyers and sellers, provided they adapt to the market’s shifting dynamics.
For personalized insights into the Eastern Shore market, reach out to our team today. Whether you’re looking to buy or sell, we’re here to help you achieve your real estate goals.