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This concise review covers the key insights and data from the luxury real estate market across Southern Maryland, encompassing Calvert, Charles, and Saint Mary's counties. Known for its beautiful waterfronts, quiet communities, and proximity to the Chesapeake Bay, Southern Maryland remains an attractive destination for high-end buyers looking for privacy and serene living. Although smaller in scale compared to other regions, the luxury market in Southern Maryland continued to exhibit stability in Q2 2024, with notable trends in buyer behavior, pricing, and days on market. This report provides a snapshot of key market trends, offering valuable insights to help inform your real estate decisions, whether you're looking for a primary residence or a vacation retreat.
Table of Contents
What You’ll Find in This Report
This report offers a concise analysis of the real estate trends in Southern Maryland, focusing on luxury properties sold over $1 million in Calvert, Charles, and Saint Mary's counties.
Key Insights Covered:
Market Performance: Quarter-over-quarter comparisons on transactions, sales value, price per square foot (PPSF), and days on market.
Community Spotlights: Highlights of key neighborhoods and areas, focusing on local trends, buyer demand, and notable developments.
Luxury Market Analysis: A breakdown of notable luxury sales, including top transactions, and what factors are driving premium prices in the Southern Maryland market.
Buyer Insights: A closer look at who is buying, including demographic data, preferences for waterfront vs. non-waterfront properties, and shifts in cash vs. financed purchases.
Visual Data: Graphs and charts to make key data points accessible, showcasing trends in inventory, price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter, with projections based on current data, interest rate trends, and inventory outlook.
Whether you're looking for a primary residence or a waterfront retreat, this report provides the insights you need to make informed decisions in Southern Maryland's luxury real estate market.
southern maryland Market Analysis
The luxury real estate market on the Eastern Shore saw remarkable growth in Q2 2024, with the total number of transactions rising by 62% year over year and the total sales value increasing by over 65%. The average sales price of luxury properties also experienced a modest increase, up 2.11% compared to Q2 2023. Additionally, homes in the luxury segment sold slightly faster, with the average days on market (DOM) dropping by 4.49%.
Key Metrics
Metric | Q2 2024 | Q2 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 24 | 14 | +71.43% |
Waterfront Transactions | 12 | 11 | +9.09% |
Total Sales Value | $29,211,250 | $18,059,259 | +61.75% |
Average Sales Price | $1,217,135 | $1,289,947 | -5.64% |
Price Per Square Foot | $348.95 | $355.50 | -1.84% |
Days on Market (Average) | 48 | 16 | +200% |
Curious what your waterfront property is worth? We do private consultations regularly and happy to do one for you as well. They don't always mean you're interested in selling. You can use our valuations to help with estate planning, financial forecasting or just for your own information.
Community Spotlights
Huntingtown is one of Calvert County's most desirable communities, particularly for luxury buyers looking for large estates and modern homes set in a quiet, countryside setting. Known for its top-rated schools, spacious properties, and proximity to both the Patuxent River and Chesapeake Bay, Huntingtown is ideal for families and professionals who value privacy and a suburban lifestyle. With its excellent community services and well-maintained neighborhoods, Huntingtown offers an exceptional quality of life.
Q2 2024 Key Metrics:
Total Sales Value: $3,440,000
Average Sales Price: $1,146,667
Number of Transactions: 3
Average Days on Market: 10
Lifestyle Feature:
Life in Huntingtown offers the perfect balance between peaceful country living and modern convenience. Residents enjoy large homes with plenty of land, providing both privacy and space for outdoor activities. The town’s excellent schools, family-friendly environment, and easy access to outdoor recreation make it a top choice for luxury buyers looking to settle down in a quiet, yet vibrant community.
Leonardtown is the cultural and historical heart of Saint Mary’s County. Known for its small-town charm and rich history, Leonardtown has become an increasingly popular destination for luxury home buyers looking for quiet living with modern conveniences. The town is home to numerous historic sites, as well as a vibrant arts scene, boutique shopping, and a growing culinary culture. With its proximity to the Potomac River, Leonardtown also offers easy access to waterfront activities and outdoor recreation.
Q2 2024 Key Metrics:
Total Sales Value: $3,800,000
Average Sales Price: $1,266,667
Number of Transactions: 3
Average Days on Market: 14
Lifestyle Feature:
Living in Leonardtown provides a perfect blend of history, culture, and relaxation. Residents enjoy a strong sense of community, with local festivals, farmers markets, and outdoor concerts adding to the town's appeal. The nearby Potomac River and Breton Bay provide ample opportunities for boating, fishing, and kayaking, making Leonardtown a great choice for those seeking a peaceful yet active lifestyle.
Dunkirk, located in Calvert County, is a suburban haven known for its spacious estates and tranquil environment. Popular among families and those seeking more land and privacy, Dunkirk offers a range of high-end homes, many set on large lots with plenty of green space. While maintaining a rural feel, Dunkirk is also well connected, with convenient access to both Washington, D.C., and Annapolis. This accessibility makes it a prime location for luxury buyers who want to balance suburban living with proximity to city amenities.
Q2 2024 Key Metrics:
Total Sales Value: $4,263,250
Average Sales Price: $1,065,812
Number of Transactions: 4
Average Days on Market: 40
lifestyle feature:
Dunkirk is perfect for those looking for a quieter, more private lifestyle without sacrificing convenience. The area boasts beautiful homes on large, wooded lots, offering a serene environment for families and professionals alike. Outdoor enthusiasts will appreciate Dunkirk’s proximity to hiking trails, parks, and waterfront activities, while residents can also enjoy easy access to nearby shopping and dining options.
Luxury Sales
The luxury real estate market in Southern Maryland continues to see steady interest, particularly in waterfront properties and spacious estates. While the number of luxury transactions remains smaller compared to other regions, the demand for privacy, modern amenities, and proximity to the Chesapeake Bay remains strong. Several notable transactions were recorded in Q2 2024, with properties boasting large acreages, water access, and premium finishes commanding top prices.
Among the highest sales were properties located in Dunkirk and Leonardtown, where sales consistently crossed the $1 million mark. Demand remains strong for homes with modern finishes and eco-friendly features, particularly among high-net-worth buyers from urban areas like Washington, D.C., seeking peaceful primary or secondary homes.
Luxury Real Estate as an Investment
The luxury market in Southern Maryland offers a unique investment opportunity for buyers. Over the past year, luxury properties in this region have shown steady appreciation, making them a solid choice for long-term investment. The combination of privacy, space, and waterfront access makes these homes particularly desirable, and the growing demand has led to consistent price increases.
As buyers invest in luxury homes, they are not just purchasing real estate—they are investing in a lifestyle that offers both relaxation and proximity to nature. With an average appreciation rate of over 3.6% across the past two quarters, luxury homes in Southern Maryland continue to provide strong returns for discerning investors.
Buyer Insights
The buyer profile in Southern Maryland continues to favor high-net-worth individuals, with many seeking spacious estates, waterfront properties, and modern homes. The market remains competitive, especially for homes offering privacy and direct access to the Chesapeake Bay or Patuxent River. Many buyers are either looking for primary residences with more space and serenity or second homes to escape city life, drawn by Southern Maryland’s rural charm and proximity to major metropolitan areas.
Key Insights
Buyer Demographics: Many buyers come from nearby metropolitan areas such as Washington, D.C., Annapolis, and Baltimore. High-income professionals and retirees make up the majority, looking for luxury homes that provide privacy, waterfront access, or large, secluded estates.
Property Preferences:
Waterfront properties continue to be a top priority for buyers. Homes offering direct water access, private docks, and expansive views of the Chesapeake Bay and nearby rivers consistently command premium prices.
Spacious estates: Buyers are drawn to properties with large acreage, particularly in Dunkirk and Huntingtown, where privacy and space are key selling points.
Turnkey homes: Modern, move-in-ready properties with energy-efficient features are in high demand, particularly in the luxury segment.
Financing Trends:
Cash purchases dominate the luxury segment as high-net-worth buyers take advantage of the market’s favorable conditions.
Financed purchases: Buyers in the mid-to-high-end market ($1M–$2M range) continue to leverage low-interest mortgage options to secure larger properties.
Eco-Friendly and Sustainable Living
There is a growing demand for luxury homes with eco-friendly features in Southern Maryland. Many buyers are looking for properties that incorporate energy-efficient systems, solar panels, and sustainable building materials, aligning with their environmental values without sacrificing modern luxury. This trend is particularly strong among younger high-net-worth buyers seeking to reduce their carbon footprint while maintaining an upscale lifestyle.
Quarterly Forecast (Q3 2024)
Market Outlook for Q3 2024
Sustained Demand for Spacious and Waterfront Properties: We expect continued strong demand for waterfront properties and spacious estates in Southern Maryland, particularly in sought-after locations like Leonardtown, Dunkirk, and Huntingtown. High-net-worth buyers from Washington, D.C., and Baltimore will continue to seek out properties offering privacy, large acreage, and access to the Chesapeake Bay or Patuxent River. The trend of purchasing second homes and retirement properties is likely to persist, driving interest in these areas.
Limited Inventory and Competitive Pricing: The inventory of luxury homes in Southern Maryland is expected to remain tight, which will likely lead to increased competition among buyers. Prices for high-end properties are anticipated to rise slightly, especially for homes offering waterfront access or premium amenities. Dunkirk and Leonardtown are likely to see heightened demand as families and retirees look for spacious homes with proximity to nature and water.
Interest Rates and Financing Trends: While interest rates remain a key factor in the broader market, luxury buyers in Southern Maryland tend to rely on cash purchases, limiting the impact of fluctuating rates on the high-end segment. However, for buyers leveraging financing in the $1M–$2M range, a potential increase in interest rates later in the year could prompt them to move quickly on properties before rates rise further.
Seasonal Buyer Activity: Q3 is typically a slower quarter for transactions as summer comes to an end, but we anticipate continued interest in vacation homes and waterfront properties. Buyers looking to secure properties ahead of the holiday season may increase activity in September, particularly for homes in Leonardtown and Huntingtown.
Exclusive Offerings for Buyers
Private Consultations and Home Tours
At our firm, we understand that every luxury buyer has unique preferences, whether it’s for waterfront estates, sprawling countryside properties, or modern retreats. We offer private consultations to help you find your ideal home in Southern Maryland. Our tailored home tours are designed to match your specific needs and provide exclusive access to some of the most desirable properties across Leonardtown, Dunkirk, Huntingtown, and beyond.
Investment Opportunities
For buyers seeking real estate as an investment, we provide comprehensive market analysis to help identify properties with the greatest potential for value appreciation. Whether you're interested in waterfront estates with private docks or income-generating vacation homes, we help you navigate opportunities in this competitive market.
Off-Market Properties
Looking for something truly unique? Gain access to our network of off-market luxury listings. These properties are not publicly available and offer an exclusive opportunity for discerning buyers seeking privacy and seclusion.
Waterfront Property Consultations
We specialize in luxury waterfront properties across Southern Maryland. Our team is highly experienced in the complexities of waterfront real estate, from understanding riparian rights to navigating regulations for private docks. Whether you're looking for a weekend getaway or a full-time residence with water access, we provide expert guidance tailored to your needs.
As we wrap up this quarterly analysis of the Southern Maryland luxury real estate market, it’s evident that the region continues to attract high-net-worth buyers seeking both luxury and lifestyle. With consistent demand for waterfront properties and spacious estates, the market has shown strong performance, reflected in both rising sales values and stable transaction volume.
The substantial increase in both total sales value and waterfront transactions highlights the enduring appeal of Southern Maryland, particularly for buyers looking for privacy, expansive properties, and premium water access. Communities like Leonardtown, Dunkirk, and Huntingtown have seen continued interest, with shorter days on market indicating a competitive environment for high-end homes. As inventory remains limited, competition for luxury properties is expected to persist into Q3, driving further activity in this segment.
Moving forward, we anticipate sustained demand for luxury homes, especially in highly sought-after waterfront locations and family-friendly communities. Both buyers and sellers should be prepared for a dynamic market with continued opportunities across the region.
We hope this report has provided valuable insights to guide your real estate decisions. Should you have any questions or require further information, our team is here to assist. Whether you're exploring investment opportunities or seeking your dream home in Southern Maryland, we are dedicated to helping you navigate this unique market with confidence.
Thank you for trusting us with your real estate needs, and we look forward to continuing to provide you with timely, actionable market insights.