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The buzz in the real estate world continues to revolve around the captivating market trends of Queen Anne's County, Talbot County and Kent County for the month of July 2024. Let's delve into a comprehensive market report that uncovers the highlights of different regions within this vibrant market, offering insights into average square footage, pricing, total sales, and much more. Buckle up as we embark on this journey through the real estate landscape of Maryland's vibrant Eastern Shore.
Exploring Market Metrics
The Eastern Shore luxury market—covering Queen Anne’s, Talbot, and Kent Counties—saw some interesting movements in July 2024. Average prices dipped to $1,768,750, down from $2,028,048 in June. However, compared to July 2023, prices are still up by 9.1%, reflecting ongoing strength in the market.
Days on market for luxury homes averaged 46 days, an increase from last month’s 32 days, though the same as July last year. Homes are taking a bit longer to sell compared to June, suggesting a slight slowdown in the pace of transactions.
Despite this, total sales remained solid, with 16 properties sold in July. While that’s fewer than the 25 sold last month, it’s still an improvement over the 14 sales recorded this time last year.
Lastly, the list price to sales price ratio—a key measure of how close homes sell to their asking prices—came in at 94%. This marks a drop from June’s impressive 100.5%, but it’s still consistent with last year’s figure of 94.6%, showing that while buyers are negotiating a bit more, sellers are still getting close to their asking prices.
EASTERN SHORE LUXURY | July 2024 | Month Over Month | Year Over Year |
Average Price | $1,768,750 | $2,028,048 | $1,621,447 |
Days on Market | 46 | 32 | 32 |
Total Sales | 16 | 25 | 14 |
List Price To Sales Price | 94% | 100.5% | 94.6% |
The Eastern Shore waterfront market is showing some notable changes this month. Average prices have dropped to $1,276,614 from $1,685,820 in June, marking a significant month-over-month decline. However, when compared to July 2023, prices are still up by 14.8%, showing long-term appreciation and resilience in the waterfront market.
Days on market have increased to 44, up from 32 days last month and 31 days a year ago. Homes are taking longer to sell, which could be a sign of buyers taking more time or a slight cooling in market activity.
In terms of sales volume, 22 homes sold this July, down from 30 in June. Still, sales are slightly higher compared to the same time last year, with 20 homes sold in July 2023, indicating that demand for waterfront properties remains solid.
The list price to sales price ratio dropped to 94.8% this month, a decrease from June's 100.6%. However, it’s still very close to the 94.6% seen in July 2023, meaning that while sellers are seeing some price negotiation, the overall market remains competitive.
EASTERN SHORE waterfront | July 2024 | Month Over Month | Year Over Year |
|---|---|---|---|
Average Price | $1,276,614 | $1,685,820 | $1,112,388 |
Days on Market | 44 | 32 | 31 |
Total Sales | 22 | 30 | 20 |
List Price To Sales Price | 94.8% | 100.6% | 94.6% |
let's look at the average property in each market in july '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
EASTERN SHORE LUXURY | 4 | 4 | 3,779 | $523.72 |
EASTERN SHORE WATERFRONT | 4 | 3 | 2,736 | $488.45 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in July? 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
Overall, both the luxury and waterfront markets on the Eastern Shore are experiencing some notable shifts as we move through July 2024. While prices in both sectors have softened compared to last month, the year-over-year figures reflect steady appreciation, showing the long-term value of these desirable properties. Homes are taking a bit longer to sell, and sellers are adjusting their expectations slightly, but demand remains consistent, with sales activity up in several key areas compared to last year.
As the Eastern Shore real estate market continues to evolve, buyers and sellers should stay mindful of pricing trends and be prepared for negotiations. Though we’re seeing some cooling from the rapid pace earlier in the year, the overall market remains competitive, especially in sought-after waterfront areas.
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