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As we dive into the Greater Annapolis real estate market for September 2024, both the luxury and waterfront segments reveal ongoing shifts. This report provides key insights into pricing, sales volume, and market dynamics for properties in the $1M+ range, including sought-after waterfront homes. With continued softening in average prices and changes in days on market, the Annapolis luxury and waterfront markets are evolving. Let’s explore the data to better understand how these trends are shaping the real estate landscape this month.
Exploring Market Metrics
In September 2024, the luxury real estate market in Greater Annapolis continued to experience adjustments in both pricing and activity. The average price of luxury properties dropped to $1,491,473, down from $1,649,092 in August, and significantly lower than the $1,683,795 recorded in September 2023. This steady decline suggests ongoing softening in the market as luxury buyers become more selective in their property choices.
The days on market increased slightly, with properties taking an average of 32 days to sell, compared to 27 days in August. This marks a marginal increase from the 30 days seen in September 2023, signaling that homes are taking a bit longer to sell as market conditions shift.
The total number of sales dropped to 38 homes in September, down from 44 in August and 47 in September 2023. This decrease in sales volume indicates that while demand for high-end homes remains solid, the overall market activity has slowed compared to previous months.
The list price to sales price ratio declined to 95.3% in September, down from 96.4% in August and 97.6% in September 2023. This reflects an increased ability for buyers to negotiate on price, as sellers are accepting offers that are further below asking prices than in previous months.
ANNAPOLIS LUXURY | sept 2024 | august 2024 | sept 2023 |
Average Price | $1,491,473 | $1,649,092 | $1,683,795 |
Days on Market | 32 | 27 | 30 |
Total Sales | 38 | 44 | 47 |
List Price To Sales Price | 95.3 % | 96.4% | 97.6% |
The waterfront market in Annapolis saw several key shifts in September 2024. Average prices decreased to $1,274,281, down significantly from $1,645,364 in August, and below the $1,513,472 recorded in September 2023. This decline suggests a cooling in the waterfront market, with buyers possibly becoming more cautious due to broader economic factors or fewer premium listings available.
However, days on market increased to 50 days in September, compared to 36 days in August and 43 days in September 2023. This rise indicates that waterfront properties are taking longer to sell, signaling that buyers may be moving more slowly or that properties are lingering on the market due to price or location factors.
The total number of sales fell to 16 homes in September, down from 22 in August and 27 in September 2023. This reduction in sales volume could be a reflection of lower inventory or buyers exercising more caution in their purchases, potentially waiting for more favorable market conditions.
The list price to sales price ratio held relatively steady at 95.0%, slightly down from 95.3% in August but higher than 94.2% in September 2023. This indicates that sellers are still achieving close to their asking prices, though buyers have a bit more negotiating power compared to recent months.
ANNAPOLIS waterfront | sept 2024 | august 2024 | sept 2023 |
|---|---|---|---|
Average Price | $1,274,281 | $1,645,364 | $1,513,472 |
Days on Market | 50 | 36 | 43 |
Total Sales | 16 | 22 | 27 |
List Price To Sales Price | 95.0% | 95.3% | 94.2% |
let's look at the average property in each market in sept '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
ANNAPOLIS LUXURY | 5 | 5 | 4,721 | $430.22 |
ANNAPOLIS WATERFRONT | 3 | 3 | 3,012 | $534.88 |
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
As we wrap up the September 2024 Greater Annapolis real estate market report, it’s clear that the luxury and waterfront segments are experiencing a period of softening. While demand for high-end homes remains present, both luxury and waterfront properties have seen decreases in average prices, longer days on market, and a drop in total sales compared to recent months and the previous year. These trends suggest that buyers are becoming more selective, potentially due to economic factors or tighter inventory, and are negotiating more aggressively on prices.
Despite these shifts, sellers are still achieving strong returns, with list price to sales price ratios holding steady around 95%, showing that homes are selling close to asking prices. This signals that while there is more room for negotiation, the Annapolis market remains competitive, particularly for well-located properties in desirable waterfront and luxury areas.
Moving forward, we anticipate that demand for waterfront homes and luxury estates will continue, but both buyers and sellers should be prepared for continued market adjustments. Sellers may need to price more competitively to align with current market trends, while buyers can benefit from increased leverage in negotiations.