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Welcome to the September 2024 Southern Maryland Market Report, where we provide a comprehensive analysis of the region's luxury and waterfront real estate segments. This report focuses on the key counties of Southern Maryland—Calvert, Charles, and St. Mary’s—highlighting the trends, key metrics, and insights that define the market in these areas.
The Southern Maryland region continues to offer an attractive mix of serene waterfront properties and luxurious homes, appealing to buyers seeking both lifestyle and investment opportunities. This report covers the latest data, including average sales prices, transaction volumes, and days on market, to provide a clear view of current trends and future forecasts. Whether you're considering buying, selling, or just staying informed, this report is your go-to resource for understanding the unique dynamics of Southern Maryland's luxury and waterfront markets.
Exploring Market Metrics
In September 2024, the Southern Maryland luxury market saw notable adjustments, particularly in pricing and market dynamics. The average price for luxury properties decreased to $1,190,267, down from $1,242,777 in August and significantly lower than the $1,550,000 recorded in September 2023. This drop suggests that buyers in the market are gravitating toward more competitively priced properties, indicating a shift in demand and market conditions compared to the previous year.
One of the most significant changes this month was the increase in days on market, which rose dramatically to 51 days, up from just 3 days in August 2024 and 29 days in September 2023. This indicates that while demand remains, buyers may be taking longer to commit, leading to a slower sales cycle for luxury properties in the region.
However, total sales volume surged to 9 properties sold in September 2024, a sharp increase from the 2 sales recorded in both August 2024 and September 2023. This jump in sales, despite the longer days on market, reflects strong buyer interest in luxury properties, particularly those priced more competitively.
The list price to sales price ratio averaged 96.8% in September 2024, a slight decrease from the 100% seen in August but a solid improvement over the 89.2% recorded in September 2023. This suggests that while sellers are achieving slightly less than full asking prices compared to last month, they are still faring better than they did last year.
southern maryland luxury | sept 2024 | august 2024 | sept 2023 |
Average Price | $1,190,267 | $1,242,777 | $1,550,000 |
Days on Market | 51 | 3 | 29 |
Total Sales | 9 | 2 | 2 |
List Price To Sales Price | 96.8 % | 100% | 89.2% |
In September 2024, the Southern Maryland waterfront market experienced notable shifts, particularly in pricing and negotiation trends. The average price for waterfront properties rose to $780,072, up from $696,450 in August 2024 but still slightly below the $824,400 recorded in September 2023. This suggests that while demand remains healthy, prices have moderated compared to last year’s peak, possibly reflecting a more balanced market between buyers and sellers.
The days on market increased slightly to 28 days in September 2024, compared to 23 days in both August 2024 and September 2023. Although this change is modest, it indicates that buyers may be taking more time to make decisions, contributing to a slightly slower pace of sales.
However, total sales volume reached 18 properties in September 2024, down from 20 sales in August but higher than the 15 sales recorded in September 2023. This indicates that while there has been a small dip in the number of transactions, waterfront properties continue to attract a consistent stream of buyers.
The list price to sales price ratio fell to 93.8% in September 2024, a decline from 97.5% in August and 98.8% in September 2023. This suggests that sellers are having to negotiate more than in previous months, as the market adjusts to changing buyer expectations and pricing strategies.
southern maryland WATERFRONt | sept 2024 | august 2024 | sept 2023 |
|---|---|---|---|
Average Price | $780,072 | $696,450 | $824,400 |
Days on Market | 28 | 23 | 23 |
Total Sales | 18 | 20 | 15 |
List Price To Sales Price | 93.8 % | 97.5% | 98.8% |
let's look at the average property in each market in SEPT '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
SOUTHERN MD LUXURY | 5 | 5 | 5,148 | $414.24 |
SOUTHERN MD WATERFRONTS | 3 | 3 | 2,965 | $341.26 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in September? 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
The Southern Maryland real estate market in September 2024 presents a mixed but intriguing picture for both the luxury and waterfront segments.
On the luxury side, there has been a notable decline in average prices year-over-year, with homes taking longer to sell and sellers receiving slightly less than their asking prices. However, the significant increase in the number of transactions suggests that while buyers may be price-sensitive, there is still robust demand for high-end properties, particularly those priced competitively. Sellers should be prepared for a more extended sales process, but buyers remain active and engaged in the market.
The waterfront market also reflects a similar pattern of moderation. While the average sales price increased from last month, it remains slightly below last year’s figure. Days on market increased, but total sales volume remains steady, indicating continued interest in waterfront properties. However, sellers are now receiving less than the asking price, pointing to increased negotiation in the market.
Overall, both segments show that while demand for luxury and waterfront properties in Southern Maryland remains strong, buyers are becoming more selective, and sellers may need to adjust pricing strategies to align with current market conditions. The market is gradually balancing out, offering opportunities for both buyers seeking value and sellers willing to adapt to a slightly slower pace of transactions.