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November 2024 brought robust activity and notable gains to the Eastern Shore luxury and waterfront real estate markets. With rising prices, shorter sales timelines, and increased buyer urgency, the market continues to showcase its appeal for high-end and waterfront properties across Queen Anne’s, Talbot, and Kent Counties.
Introduction
The Eastern Shore real estate market remained active and competitive in November 2024, with the luxury and waterfront segments delivering strong performances. Both categories experienced higher average prices and improved negotiation metrics, underscoring the region’s attractiveness to discerning buyers.
This report explores the latest trends, key data points, and actionable insights for buyers and sellers navigating this dynamic market.
Luxury Market Insights
The luxury market ($1M+) saw notable improvements across key metrics:
EASTERN SHORE LUXURY | NOV 2024 | OCt 2024 | NOV 2023 |
Average Price | $2,420,888 | $1,754,786 | $1,656,818 |
Days on Market | 39 | 88 | 66 |
Total Sales | 26 | 28 | 11 |
List Price To Sales Price | 92.4% | 90.9% | 87.0% |
Analysis
Pricing: Luxury properties reached an impressive $2,420,888, reflecting a 38% increase MoM and a 46% YoY increase. This surge highlights growing demand for high-end homes, particularly those offering premium features or waterfront access.
Market Efficiency: The average DOM fell to 39 days, a dramatic improvement from 88 days in October and 66 days in November 2023, indicating a competitive market with faster transactions.
Sales Volume: While total transactions dipped slightly to 26, the YoY growth from 11 sales in November 2023 underscores the rising appeal of the Eastern Shore’s luxury properties.
Negotiation Power: Sellers achieved 92.4% of their list price, up from 90.9% MoM and 87.0% YoY, reflecting a balanced market with steady buyer engagement.
Waterfront Market Analysis
Eastern Shore’s waterfront properties continued to perform strongly in November:
EASTERN SHOREwaterfront | NOV 2024 | oct 2024 | NOV 2023 |
|---|---|---|---|
Average Price | $2,106,920 | $1,350,856 | $1,248,881 |
Days on Market | 39 | 74 | 21 |
Total Sales | 29 | 38 | 16 |
List Price To Sales Price | 93.8% | 92.3% | 92.6% |
Analysis
Pricing: The average sale price surged to $2,106,920, marking a 56% MoM increase and a 69% YoY increase, signaling strong demand for high-value waterfront properties.
Market Speed: Properties sold in an average of 39 days, significantly faster than 74 days in October. While slightly longer than the 21 days recorded in November 2023, this timeline reflects heightened market activity.
Sales Volume: Transactions totaled 29, down from 38 in October, but nearly doubling the 16 sales in November 2023.
Negotiation Power: Sellers achieved 93.8% of their list price, improving MoM and YoY, signaling buyers are willing to meet sellers closer to their expectations.
let's look at the average property in each market in NOV '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
EASTERN SHORE LUXURY | 4 | 4 | 4,213 | $570.82 |
EASTERN SHORE WATERFRONT | 4 | 4 | 3,644 | $517.65 |
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.
Insights for Buyers and Sellers
For Buyers
Luxury Market: Be prepared to move quickly on well-priced properties as average days on market continue to shrink.
Waterfront Market: The sharp rise in prices underscores the value of acting decisively to secure a property before further increases.
For Sellers
Luxury Market: Rising prices and shorter timelines favor sellers who list competitively and leverage professional marketing.
Waterfront Market: Highlighting premium features like private docks, water access, and acreage can help capture buyer interest in this competitive market.
Forecast & Recommendations
Looking ahead to December:
Market Trends: With limited inventory expected during the holiday season, motivated buyers and sellers should act decisively.
Advice for Buyers: Take advantage of reduced competition and lock in favorable terms on premium properties.
Advice for Sellers: This is an opportune time to list, with strong pricing trends and motivated buyers driving demand.
Conclusion
November 2024 showcased the strength and resilience of the Eastern Shore real estate market, with both luxury and waterfront properties achieving significant gains in pricing and efficiency. The market remains competitive and attractive, presenting opportunities for buyers and sellers alike.
For personalized advice on navigating the Eastern Shore real estate market, contact our team today. Whether you’re looking to buy or sell, we’re here to help you achieve your real estate goals.