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EASTERN SHORE
MARKET REPORt
FOREWARD
The Eastern Shore real estate market in 2024 presented a dynamic landscape, marked by both opportunities and challenges. This report delves into the key trends that shaped the market over the past year, providing valuable insights for buyers, sellers, and investors navigating this unique region.
Throughout 2024, we observed a market with a median sold price of $374,950 and an average sold price of $623,300, indicating a range of property values across the Eastern Shore. While the market experienced the ongoing influence of interest rates and varying inventory levels, it also showcased significant highlights, including instances of properties selling above list price, particularly in Talbot County. The average days on market were 40, suggesting a moderately paced market.
This report provides a comprehensive analysis of these developments, examining critical metrics such as average and median sale prices, days on market, and sale-to-list price ratios. We will explore how these factors varied across different areas within the Eastern Shore, including Talbot, Kent, and Queen Anne's counties, providing a granular view of market performance. Talbot County tended toward higher prices, while Kent County showed more affordability, and Queen Anne’s County occupied a middle ground.
Inside, you will find:
- A detailed analysis of key market indicators for 2024.
- A breakdown of market trends by county, highlighting regional variations.
- Insights into the factors influencing buyer and seller behavior.
By understanding the dynamics of the 2024 Eastern Shore real estate market, readers can make informed decisions and position themselves for success in the year ahead. We invite you to explore the findings presented in this report and gain a deeper understanding of this vibrant market.
The Big Picture
lets take a look at a breakdown of the full market segment
Total Sales Volume
$1,159,545,528
+ 18.92%
prior year
$975,063,256
Average Sales Price
$661,086
+ 9.97%
prior year
$601,149
Number of Transactions
1,754
+ 8.14%
prior year
1,622
Average Days On Market
40
+ 2.56%
prior year
39
what & how
lets take a look at what and how people are buying in all market segments
BEDROOM BREAKDOWN
0-2 Bedrooms
522
$389,705
97.57%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
3 Bedrooms
791
$537,240
96.80%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
4+ Bedrooms
681
$917,316
98.79%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
TYPE BREAKDOWN
single families
1,476
$701,000
97.8 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
townhouses
194
$428,670
97.9 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
condos
55
$585,348
96.4 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
FINANCING BREAKDOWN
conventional
952
va
114
cash
500
FHA
131
private
6
usda
18
trade
1
owner financed
1
other
37
location data
lets take a look at where people are buying in all market segments
EASTON, MD
Top Units By Town
Easton
Chester
Chestertown
Stevensville
Grasonville
Centreville
Saint Michaels
Church Hill
Rock Hall
Trappe
311
204
193
191
140
134
77
61
59
51
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Top VOLUME By Town
Easton
Chester
Stevensville
Grasonville
Chestertown
Saint Michaels
Oxford
Centreville
Queenstown
Royal Oak
$228,953,867
$123,902,611
$119,896,713
$92,340,434
$85,682,925
$83,601,006
$74,841,500
$74,188,124
$45,928,036
$37,467,014
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
hot spots
lets take a look at where people want to be the most
BY NUMBER OF SALES
Four Seasons at Kent Island (Chester, MD) - 75
Perrys Retreat (Grasonville, MD) - 59
Kent Island Estates (Stevensville, MD) - 34
Church Hill Hunt (Church Hill, MD) - 32
Bay City (Stevensville, MD) - 25
North Brook (Centreville, MD) - 24
Symphony Village at Centerville (Centreville, MD) - 23
Queens Landing (Chester, MD) - 22
Ellendale (Stevensville, MD) - 22
Easton Club East (Easton, MD) - 20
BY AVERAGE PRICE
Chance Hope Farm (Saint Michaels, MD): $1,950,000
Martingham (Saint Michaels, MD): $1,684,500
Narrows Pointe (Grasonville, MD): $1,415,000
Governor Grason Manor (Queenstown, MD): $1,386,125
Cove Creek Club (Stevensville, MD): $1,080,667
Gibsons Grant (Chester, MD): $764,500
Four Seasons at Kent Island (Chester, MD): $716,722
Kent Island Estates (Stevensville, MD): $616,200
Ellendale (Stevensville, MD): $535,400
Church Hill Hunt (Church Hill, MD): $524,167
takeaways
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The Eastern Shore real estate market in 2024 presented a diverse landscape with varying price points across different counties. Talbot County tended towards higher-end properties, while Kent County offered more affordability, and Queen Anne's County occupied a middle ground. This diversity suggests localized market dynamics. The market's pace was moderate, with an average of 40 days on market, indicating a balance between buyer consideration and seller expectations. Price sensitivity was also evident, as the average sale-to-list price ratio was below 100%, though some properties, especially in Talbot County, sold above asking.
Looking ahead to 2025, the Eastern Shore market is expected to maintain relative stability, with potential for moderate price appreciation in certain desirable areas, particularly if inventory remains limited or demand for specific property types, like waterfront homes, increases. The importance of location and desirable features will remain paramount, as buyers are expected to prioritize value. External factors such as national economic conditions, interest rates, and inventory levels will continue to influence the market. Significant shifts in these areas could impact demand and pricing.
Overall, the 2025 Eastern Shore market is anticipated to offer opportunities for both buyers and sellers. Buyers should prioritize finding properties that offer strong value and meet their individual needs, while sellers should focus on strategic pricing and highlighting their property's unique attributes. Careful monitoring of market trends and professional guidance will be essential for navigating the market successfully.
THE LUX SPACE
lets take a look at the million dollar markets
Average Sales Price
$2,099,855
+ 1.92%
prior year
$2,060,383
Average List To Sales Price
98.6 %
+ 5.4%
prior year
93.2 %
Number of Transactions
prior year
200
+ 31.58%
152
Average Days On Market
50
- 16.6%
prior year
60
WHAT SOLD THIS year
THE TOP 10 SALES
get graphic
lets take a look at the data in the million dollar markets
THE LUX SPACE
lets take a look at the million dollar markets
THE LUX SPACE
lets take a look at the million dollar markets
LUX takeaways
The 2024 luxury market on the Eastern Shore, defined by sales over $1 million, demonstrated some distinct characteristics. A noticeable difference between the average and median sold prices signifies a tiered market, with a few exceptionally high-value transactions impacting the average. Luxury homes also tended to stay on the market slightly longer than other properties, a common trend in this segment. Despite the high price points, buyers demonstrated price sensitivity, often negotiating sales below the initial list price.
Looking ahead to 2025, the demand for premium Eastern Shore properties is expected to persist, especially for those with exceptional features like extensive waterfront access and high-end finishes. However, sellers should be prepared for potential price adjustments, as luxury buyers are discerning and value-conscious. The overall economic climate will also play a role, with factors like interest rates and market confidence potentially influencing demand.
In summary, the Eastern Shore luxury market is expected to remain active in 2025, but careful pricing and strategic marketing will be crucial for sellers. Buyers will likely have opportunities to find desirable properties, but thorough due diligence and expert guidance will be important for navigating this segment successfully.
