The Quarter in Review
First Quarter
The first quarter of 2024 gave Southern Maryland a confident launch. In January alone, closed sales climbed modestly while median prices surged nearly 10%, and homes flew off the market in just under four weeks. Inventory remained tight, conserving seller advantage even as demand ticked up. It wasn't a breakaway sprint—it was a grounded start, signaling a market that's steady, responsive, and competitive from the moment it began.
Southern Maryland Snapshot
This snapshot reflects early-year conditions across Southern Maryland.
$468,919,772 Total Sales Volume | 1,052 Total Transactions | 2.1 Months of Inventory |
|---|---|---|
15 Median Days on Market | $422,332 Median Sales Price | 94.2% List to Sales Price Ratio |
Luxury Markets
Luxury buyers re-engaged cautiously.
6 Sales in Q1 | $1,384,120 Average Price in Q1 | 23 Average DOM in Q1 |
|---|
Luxury homes are defined as properties priced above $1M.
Figures reflect QTD closed sales from the most recent quarterly reporting period.
Waterfront Markets
Waterfront transactions followed extended timelines.
32 Sales in Q1 | $886,299 Average Price in Q1 | 25 Average DOM in Q1 |
|---|
Waterfront homes are defined as properties with direct water access from the property.
Figures reflect QTD closed sales from the most recent quarterly reporting period.
Buyer Behavior
Buyers evaluated options with longer timelines.
Town Spotlights
Within the region, certain communities stood out during the quarter based on activity and buyer interest.
Chesapeake Beach
Chesapeake Beach offers a coastal town atmosphere centered on bay access, walkability, and recreational amenities, appealing to buyers seeking a relaxed waterfront setting within commuting distance.
Leonardtown
Leonardtown blends historic charm with modern growth, offering walkable amenities, cultural activity, and a strong sense of local identity.
North Beach
North Beach is a small, bayfront community known for its boardwalk, local events, and close-knit feel, attracting buyers who value water access and a slower, community-oriented pace.
Looking Ahead
Market activity will build with seasonal demand.