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Welcome to the Southern Maryland real estate market report for October 2024. Covering Calvert, Charles, and St. Mary’s Counties, this report highlights the trends shaping the region’s luxury and waterfront segments. With an uptick in sales activity and shifts in pricing dynamics, October proved to be a dynamic month for the Southern Maryland real estate market. Let’s explore the data to uncover key insights and what they mean for buyers and sellers alike.
Southern Maryland Market Overview
The Southern Maryland market exhibited significant growth in luxury sales and pricing stability. October 2024 saw:
Luxury Market Activity: Sales volume in the luxury segment surged to 14 transactions, up from 9 in September and more than double the 5 sales recorded in October 2023.
Days on Market: Luxury homes sold faster, with an average of just 34 days on market compared to 51 in September, signaling heightened buyer activity and competition.
List Price to Sales Price Ratio: Sellers are receiving 96.9% of their asking prices, slightly improving from 96.8% in September and markedly better than 92.5% in October 2023.
These metrics indicate a highly active market where motivated buyers are capitalizing on reduced timelines and competitive pricing.
Luxury Market Analysis
The luxury segment, encompassing homes priced at $1M+, showcased notable improvements in October:
Pricing: The average sale price climbed to $1,296,029, a 9% increase from September’s $1,190,267, though slightly below October 2023’s $1,370,900.
Sales Activity: Sales volume surged, with 14 transactions recorded—a stark improvement from both September and year-over-year.
Market Efficiency: Homes spent 34 days on market, significantly faster than the 51 days seen in September, highlighting heightened buyer urgency.
Sellers in Southern Maryland’s luxury market appear to be benefiting from the increased buyer demand, which is also driving sales closer to asking prices.
southern md LUXURY | OCt 2024 | sept 2024 | OCt 2023 |
Average Price | $1,296,029 | $1,190,267 | $1,370,900 |
Days on Market | 34 | 51 | 17 |
Total Sales | 14 | 9 | 5 |
List Price To Sales Price | 96.9% | 96.8% | 92.5% |
Waterfront Properties
Southern Maryland’s waterfront segment, a hallmark of the region, displayed robust activity in October:
Average Price: Waterfront homes averaged $968,120, a 24% increase from September’s $780,072 and on par with October 2023’s $961,962.
Days on Market: Properties took an average of 58 days to sell, nearly doubling September’s 28 days, reflecting a more deliberate pace among buyers.
Sales Volume: The number of transactions rose significantly to 25, up from 18 in September and 13 in October 2023, showing strong interest in waterfront properties.
Negotiation Power: The list price-to-sale price ratio dipped slightly to 93.4%, reflecting buyers’ ability to negotiate but still demonstrating strong demand for waterfront homes.
The waterfront market continues to attract significant interest, with pricing stabilizing and buyers increasingly willing to invest in Southern Maryland’s picturesque coastal properties.
southern md waterfront | OCt 2024 | sept 2024 | OCt 2023 |
|---|---|---|---|
Average Price | $968,120 | $780,072 | $961,962 |
Days on Market | 58 | 28 | 26 |
Total Sales | 25 | 18 | 13 |
List Price To Sales Price | 93.4% | 93.8% | 98.8% |
let's look at the average property in each market in Oct '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
SOUTHERN MD LUXURY | 5 | 4 | 4,245 | $376.72 |
SOUTHERN MD WATERFRONT | 4 | 3 | 3,214 | $381.40 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in October? 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.
Buyer & Seller Insights
For Buyers:
Luxury Buyers: The market offers opportunities to negotiate, with list price-to-sale price ratios remaining below 97%. Buyers should act decisively as days on market continue to decline.
Waterfront Buyers: With strong sales volume and pricing stabilizing, this is an ideal time to explore waterfront properties in Southern Maryland.
For SELLERS:
Luxury Sellers: Shorter timelines and increased sales activity indicate strong buyer interest, making this a great time to list high-value properties.
Waterfront Sellers: While days on market have lengthened slightly, rising average prices and high demand indicate a favorable selling environment.
Forecast & Recommendations
As the year approaches its close, the Baltimore real estate market is expected to continue its gradual adjustments:
Seasonal Impact: The upcoming holiday season may lead to tighter inventory levels, favoring sellers who list now with competitive pricing and strong marketing.
Market Trends: Pricing trends may stabilize, with transaction timelines remaining extended as buyers weigh their options.
Recommendations: Buyers should act decisively when opportunities arise, while sellers should focus on presenting properties effectively to stand out in a competitive landscape.
In Conclusion
The Southern Maryland real estate market showed impressive growth in October 2024, with the luxury and waterfront segments both experiencing increased activity and stable pricing. Buyers remain active, drawn to the region’s unique blend of coastal charm and luxury living.
Sellers in both segments should feel confident about current market conditions, with strong demand and competitive pricing driving transactions. However, strategic pricing and marketing remain critical in attracting motivated buyers.
For personalized insights and guidance tailored to the Southern Maryland market, reach out to our team. Whether buying or selling, we’re here to help you navigate this dynamic and exciting real estate market.