Southern Maryland | Q1 2024 Market Report

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.

Waterfront homes with private docks, boats, and wooded lawns along the shore.

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

$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.}

Large brick home illuminated at dusk beyond a gated, curving driveway and landscaped grounds.

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.}

Waterfront patio with red Adirondack chairs and a fire pit overlooking a dock and calm water.

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.

Aerial view of a wooded community beside a broad waterway, with homes and a winding road.

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.

Aerial view of waterfront homes and private docks along a calm bay at sunset.

Leonardtown

Leonardtown blends historic charm with modern growth, offering walkable amenities, cultural activity, and a strong sense of local identity.

Waterfront marina and resort with a sandy beach, rows of boats, and wooded hills.

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.

Aerial view of a brick house with a pool, pool house, and autumn woods.

Looking Ahead

Market activity will build with seasonal demand.

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