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GREATER ANNAPOLIS
MARKET REPORt
FOREWARD
The 2024 Maryland real estate market presented a dynamic landscape shaped by rising home prices, tight inventory, and shifting economic factors. In this year’s Greater Annapolis Market Report, we dive deep into the performance of luxury and waterfront properties while highlighting broader trends and challenges impacting buyers and sellers alike.
Across Maryland, the median home sale price rose by 4.6% year-over-year, reaching $408,200 by late 2024. In luxury markets like Greater Annapolis, properties saw sustained demand, with high-end listings averaging $1.68 million in sales price. Meanwhile, inventory shortages fueled competitive bidding, ensuring fast turnover for well-priced homes.
Waterfront properties, prized for their unique lifestyle offerings, remained a cornerstone of the local market. With average sales prices of $1.61 million and total sales exceeding $488 million, the waterfront segment exemplified the continued desirability of Chesapeake Bay living. However, with an average of 50.4 days on market, waterfront buyers appeared to take more time in their decision-making compared to the broader luxury market.
While demand remained strong, challenges such as elevated mortgage rates averaging 8.5% and new regulatory measures, like rent control in nearby counties, added complexity to the market. These factors tested affordability and shaped buyer and seller behavior, particularly in higher price points. Additionally, tighter lending conditions underscored the need for buyers to act strategically and for sellers to ensure their properties were positioned competitively.
Luxury Properties: With 519 listings, the luxury market achieved a total sales value of $872 million, with properties averaging just 42 days on the market.
Waterfront Properties: Featuring 303 listings, waterfront homes contributed significantly to the market’s success, with the highest sale price matching the luxury peak of $7.95 million.
Both segments demonstrated resilience, offering options from charming retreats to grand estates.
As we move into 2025, the Maryland real estate market remains poised for continued growth, but buyers and sellers must remain adaptable in the face of economic and regulatory shifts. Greater Annapolis stands out as a hub for luxury and waterfront living, offering unparalleled lifestyle and investment opportunities.
This report serves as your guide to navigating these exciting and challenging times. Whether you’re considering buying, selling, or simply staying informed, we are here to provide the expertise and support you need to achieve your real estate goals.
The Big Picture
lets take a look at a breakdown of the full market segment
Total Sales Volume
$4,286,154,219
+ 8.89%
prior year
$3,935,870,000
Average Sales Price
$584,104
+ 2.84%
prior year
$568,000
Number of Transactions
7,338
+ 5.87%
prior year
6,931
Average Days On Market
24
---
prior year
24
what & how
lets take a look at what and how people are buying in all market segments
BEDROOM BREAKDOWN
0-2 Bedrooms
1,039
$391,000
99.08%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
3 Bedrooms
3,340
$493,000
99.97%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
4+ Bedrooms
2,957
$754,000
98.25%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
TYPE BREAKDOWN
single families
4,383
$677,394
100.2%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
townhouses
2,343
$468,012
101.8 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
condos
535
$379,777
99.5 %
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
FINANCING BREAKDOWN
conventional
3,957
va
1,135
cash
1,105
FHA
940
private
21
usda
7
trade
2
owner financed
7
other
163
location data
lets take a look at where people are buying in all market segments
ANNAPOLIS, MD
Top Units By Town
Annapolis
Glen Burnie
Pasadena
Odenton
Severn
Laurel
Hanover
Crofton
Edgewater
Arnold
1299
1127
809
485
375
351
343
327
288
276
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Top VOLUME By Town
Annapolis
Glen Burnie
Pasadena
Odenton
Severna Park
Severn
Edgewater
Arnold
Hanover
Laurel
$1,008,200,421
$452,181,826
$407,676,401
$259,866,539
$229,615,909
$196,706,298
$195,991,129
$192,230,887
$181,596,576
$181,343,673
#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
Watershed (Laurel, MD) - 181
Parkside (Hanover, MD) - 147
Piney Orchard (Odenton, MD) - 126
Heritage Harbour (Annapolis, MD) - 122
Tanyard Shores (Glen Burnie, MD) - 103
Green Haven (Pasadena, MD) - 98
Two Rivers (Odenton, MD) - 96
Russett (Laurel, MD) - 83
Cedar Hill (Brooklyn Park, MD) - 74
Tanyard Springs (Glen Burnie, MD) - 69
BY AVERAGE PRICE
Gibson Island (Gibson Island, MD) - $3,384,688
Bay Ridge (Annapolis, MD) - $1,965,475
Linstead (Severna Park, MD) - $1,901,500
Fishing Creek Farm (Annapolis, MD) - $1,870,556
Sherwood Forest (Annapolis, MD) - $1,490,000
South River Colony (Edgewater, MD) - $1,476,727
Annapolis Preserve (Crownsville, MD) - $1,395,800
Eastport (Annapolis, MD) - $1,353,945
Murray Hill (Annapolis, MD) - $1,348,862
Eagles Passages (Davidsonville, MD) - $1,311,333
takeaways
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The 2024 real estate market in Greater Annapolis and Anne Arundel County showcased resilience, particularly in lifestyle-driven and luxury segments. New construction communities stood out for their creative financing abilities and established staples with family-friendly amenities and attractive locations also drew strong buyer interest. The market demonstrated a competitive edge, with properties in desirable neighborhoods often selling quickly and maintaining strong price points. Despite rising interest rates creating price sensitivity, the region's diverse offerings, from suburban charm to waterfront living, continued to attract both local and out-of-state buyers. Looking ahead, strategic pricing and marketing will be crucial for sellers, while buyers will likely remain focused on properties offering lifestyle advantages, making Anne Arundel County a competitive and vibrant market in 2024.
Waterfront properties and high-end homes in the region remained highly sought-after, emphasizing the area's enduring appeal to affluent buyers.
THE LUX SPACE
lets take a look at the million dollar markets
Average Sales Price
$1,635,555
- 3.49%
prior year
$1,694,736
Average List To Sales Price
99.5%
+ 1.7%
prior year
97.8 %
Number of Transactions
prior year
519
18.22%
439
Average Days On Market
42
+ 23.53%
prior year
34
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 Anne Arundel County luxury real estate market in 2024 experienced fluctuating prices, with initial growth giving way to stabilization towards year-end. Despite these shifts, sales volume remained healthy, indicating sustained demand and relatively quick property turnover. The broader market's lean towards sellers likely provided a supportive backdrop for luxury home prices. Looking ahead to 2025, the market is projected to maintain stability or experience modest growth, particularly for properties boasting unique features and prime locations. This demand is fueled by the county's desirable waterfront access and proximity to urban centers. However, growing awareness of environmental risks, such as flooding and wind damage, is expected to influence buyer decisions, placing greater emphasis on property resilience and insurance considerations. Limited inventory could further bolster prices, while an increase in supply might temper growth. In short, the 2025 luxury market is anticipated to remain attractive, with discerning buyers prioritizing unique, well-located properties while carefully considering potential environmental impacts. Sellers, therefore, should highlight these desirable features to attract this discerning clientele.
