Q3 2025 Market Commentary: Rhythm, Refinement & Resilience

The third quarter of 2025 brought a soft landing to Maryland’s real estate scene. Sales volume cooled slightly after an energetic first half, yet prices remained steady and demand disciplined. Across the Chesapeake corridor, homes continued moving in weeks—not months—proving that quality and lifestyle still drive the market.

Greater Annapolis

• Homes Sold: 687 (-7 % QoQ)

• Median Sale Price: $510 000 (-7.7 % QoQ │ +5 % YoY)

• Sale-to-List Ratio: 100 %

• Sales Volume: ≈ $1.37 B (+6.5 % QoQ │ +16 % YoY)

• Median DOM: ≈ 8 days

• Inventory: 1.9 months

Luxury and waterfront listings anchored the quarter. Average luxury sales hit ≈ $1.65 M with a $559 PPSF, underscoring continued appetite for top-tier product. Even with fewer closings, total dollar volume climbed—a clear signal of lasting confidence.

Eastern Shore

• Homes Sold: 459 (-11 % YoY)

• Median Sale Price: ≈ $503 K (+1 % YoY)

• Sale-to-List Ratio: 94 %

• Sales Volume: ≈ $103 M (+50 % YoY)

• Median DOM: ≈ 16 days

• Inventory: 4.3 months

Buyers chasing tranquility kept the Shore resilient. Waterfront homes averaged $1.59 M ( $480 PPSF ) while luxury sales neared $1.96 M. Fewer listings, same demand: serenity still sells.

Greater Baltimore

• Homes Sold: 5 622 (+41 % YoY)

• Median Sale Price: $356 000 (+14 % YoY)

• Sale-to-List Ratio: 100 %

• Sales Volume: ≈ $802 M (+64 % YoY)

• Median DOM: ≈ 10 days

• Inventory: 2.3 months

From downtown lofts to Howard County estates, liquidity stayed high. Luxury averaged $1.4 M ( $332 PPSF ), moving in ≈ 10 days when priced precisely.Greater Baltimore continues to pair opportunity with balance.

Southern Maryland

• Homes Sold: 1 361 (+37 % YoY)

• Median Sale Price: $453 000 (+4 % YoY)

• Sale-to-List Ratio: 93 %

• Sales Volume: ≈ $224 M (+42 % YoY)

• Median DOM: ≈ 11 days

• Inventory: 2.7 months

Supply edged upward, but strong fundamentals kept momentum intact. Waterfront averaged $788 K ( $350 PPSF ), and luxury held around $1.22 M. Space, water, and value kept buyers engaged from Solomons to Hughesville.

Cross-Market Insights

1. Selective Momentum > Mass Volume — Intentional buyers define today’s market.

2. Price Integrity Persists — Stable median pricing signals enduring confidence.

3. Luxury & Waterfront Lead — High-end performance sets tone for all segments.

4. Days on Market Stay Lean — Homes continue closing within two weeks region-wide.

Closing Thoughts

Q3 2025 wasn’t a retreat—it was refinement. Maryland’s markets head into fall with measured strength, low inventory, and resilient demand for lifestyle living.