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As we explore Southern Maryland’s real estate landscape in July 2024, both the luxury and waterfront segments offer valuable insights into the region's evolving market. Covering Charles, Calvert, and Saint Mary’s counties, this report highlights key trends such as pricing shifts, sales volume, and days on market for high-end and waterfront properties. With dynamic changes shaping both segments, this overview provides a clear snapshot of the opportunities and movements within these desirable markets. Let’s dive into the data and uncover what’s driving the Southern Maryland luxury and waterfront real estate scene this summer.
Exploring Market Metrics
The Southern Maryland luxury market, covering Charles, Calvert, and Saint Mary’s counties, saw some interesting shifts in July 2024. The average price of luxury homes dipped to $1,111,369, down from $1,217,208 in June and $1,266,667 in July 2023. This decline reflects a cooling in luxury home prices compared to last year and last month.
On the positive side, days on market decreased significantly, with luxury properties selling in an average of just 24 days. This is a marked improvement from June, when homes took 37 days to sell, though still higher than the unusually fast 6-day average seen in July 2023. The quicker turnaround this month suggests buyers are acting faster, even in a softening price environment.
Sales volume remains relatively low, with only 4 luxury properties sold in July, down from 6 in June but still ahead of the 3 sales recorded in July 2023. This suggests that demand for luxury properties is steady, though not booming.
The list price to sales price ratio came in at a healthy 98.8%, a notable improvement from 96% in June but slightly lower than the 101.1% achieved in July 2023. This indicates that sellers are receiving near-asking prices, reflecting solid demand and fair pricing strategies in the luxury market.
southern maryland luxury | July 2024 | june 2024 | july 2023 |
Average Price | $1,111,369 | $1,217,208 | $1,266,667 |
Days on Market | 24 | 37 | 6 |
Total Sales | 4 | 6 | 3 |
List Price To Sales Price | 98.8 % | 96% | 101.1 % |
The Southern Maryland waterfront market has experienced a blend of stability and shifts in July 2024. The average price for waterfront properties rose to $701,176, a modest increase from $671,478 in June, and slightly higher than the $687,888 recorded in July 2023. This suggests that waterfront properties are maintaining value, with steady demand keeping prices in a healthy range.
However, homes are taking longer to sell. Days on market jumped to 53 in July, a notable decrease from 78 days in June, but still far higher than the 17 days seen in July 2023. This indicates that buyers are taking more time to make purchasing decisions compared to last year, though the shorter days on market this month point to a rebound from June’s slower activity.
In terms of total sales, the market saw a dip, with 17 homes sold in July, down from 19 in June and significantly lower than the 32 sales in July 2023. This drop in sales volume could suggest that inventory is tighter or that buyers are being more selective.
The list price to sales price ratio stood at 95.8% in July, a slight improvement from 93.9% in June but below the 99.2% seen last year. This indicates that buyers have more room to negotiate, though sellers are still capturing close to their asking prices.
southern maryland WATERFRONt | July 2024 | JUNE 2024 | JULY 2023 |
|---|---|---|---|
Average Price | $701,176 | $671,478 | $687,888 |
Days on Market | 53 | 78 | 17 |
Total Sales | 17 | 19 | 32 |
List Price To Sales Price | 95.8 % | 93.9 % | 99.2 % |
let's look at the average property in each market in july '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
SOUTHERN MD LUXURY | 5 | 5 | 4,669 | $339.67 |
SOUTHERN MD WATERFRONTS | 3 | 3 | 2,483 | $331.00 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in July? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
In Conclusion
July 2024 has brought a blend of shifts and steady trends to Southern Maryland’s luxury and waterfront markets. While luxury prices have softened compared to earlier in the year, buyer demand remains relatively strong, with homes selling faster and near asking prices. The waterfront market, though holding steady in price, has seen a slower pace of sales and longer days on market compared to last year, indicating a more deliberate approach from buyers.
Both segments reflect a market in transition—luxury properties are maintaining their value with reduced price negotiations, while the waterfront market sees modest price growth and a slight cooling in activity. As Southern Maryland continues to attract high-end and waterfront buyers, understanding these evolving dynamics will be key for both buyers and sellers in the months ahead.