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November 2024 brought a mixed performance to the Southern Maryland real estate market, with significant changes in the luxury and waterfront segments. While luxury homes experienced a sharp seasonal slowdown, the waterfront market saw adjustments in pricing and extended timelines. Let’s explore the trends shaping the market in Calvert, Charles, and St. Mary’s Counties.
Introduction
The Southern Maryland real estate market reflected seasonal trends in November 2024, with a notable drop in transaction volumes and extended timelines in the waterfront segment. However, both markets demonstrated resilience, with motivated buyers acting quickly on well-priced properties. This report highlights key metrics and actionable insights for navigating the region’s luxury and waterfront real estate markets.
Luxury Market Analysis
The luxury segment ($1M+) in Southern Maryland showcased significant changes:
southern md LUXURY | nov 2024 | OCt 2024 | nov 2023 |
Average Price | $1,135,500 | $1,296,029 | $1,195,639 |
Days on Market | 10 | 34 | 62 |
Total Sales | 2 | 14 | 6 |
List Price To Sales Price | 98.0% | 96.9% | 102.6% |
Analysis
Pricing: The average price fell to $1,135,500, a 12% MoM decrease and a 5% YoY decrease, reflecting seasonal adjustments and limited transactions.
Market Speed: Luxury properties sold in just 10 days, down sharply from 34 days in October, indicating urgency among motivated buyers for limited inventory.
Sales Volume: Only 2 sales were recorded, compared to 14 in October, underscoring a significant seasonal slowdown.
Negotiation Power: Sellers achieved 98.0% of their list price, an improvement MoM and a strong indicator of buyer interest in well-priced homes.
Waterfront Properties
The waterfront market showed adjustments in pricing and activity:
Analysis
Pricing: The average price fell to $584,469, a 39.6% MoM decrease and a 19.6% YoY decrease, reflecting buyer caution amid economic and seasonal factors.
Market Speed: Properties lingered on the market for 100 days, nearly doubling October’s 58 days, and significantly exceeding 29 days in November 2023, reflecting a shift toward buyer deliberation.
Sales Volume: Transactions totaled 14 sales, down from 25 in October, but up slightly from 12 sales in November 2023, showing steady interest in waterfront properties despite longer timelines.
Negotiation Power: The list price-to-sales price ratio dipped slightly to 92.7%, indicating buyers are negotiating more aggressively in a slower market.
southern md waterfront | nov 2024 | OCt 2024 | NOV 2023 |
|---|---|---|---|
Average Price | $584,469 | $968,120 | $726,667 |
Days on Market | 100 | 58 | 29 |
Total Sales | 14 | 25 | 12 |
List Price To Sales Price | 92.7% | 93.4% | 99.7% |
let's look at the average property in each market in NOV '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
SOUTHERN MD LUXURY | 5 | 5 | 6,725 | $302.52 |
SOUTHERN MD WATERFRONT | 3 | 2 | 2,047 | $333.73 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in November? Here are some of the standout properties that resonated with buyers
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:
Buyer & Seller Insights
For Buyers:
Luxury Buyers: The market offers opportunities to negotiate, with list price-to-sale price ratios remaining below 97%. Buyers should act decisively as days on market continue to decline.
Waterfront Buyers: With strong sales volume and pricing stabilizing, this is an ideal time to explore waterfront properties in Southern Maryland.
For SELLERS:
Luxury Sellers: Shorter timelines and increased sales activity indicate strong buyer interest, making this a great time to list high-value properties.
Waterfront Sellers: While days on market have lengthened slightly, rising average prices and high demand indicate a favorable selling environment.
Forecast & Recommendations
As the year approaches its close, the Baltimore real estate market is expected to continue its gradual adjustments:
Seasonal Impact: The upcoming holiday season may lead to tighter inventory levels, favoring sellers who list now with competitive pricing and strong marketing.
Market Trends: Pricing trends may stabilize, with transaction timelines remaining extended as buyers weigh their options.
Recommendations: Buyers should act decisively when opportunities arise, while sellers should focus on presenting properties effectively to stand out in a competitive landscape.
In Conclusion
The Southern Maryland real estate market showed impressive growth in October 2024, with the luxury and waterfront segments both experiencing increased activity and stable pricing. Buyers remain active, drawn to the region’s unique blend of coastal charm and luxury living.
Sellers in both segments should feel confident about current market conditions, with strong demand and competitive pricing driving transactions. However, strategic pricing and marketing remain critical in attracting motivated buyers.
For personalized insights and guidance tailored to the Southern Maryland market, reach out to our team. Whether buying or selling, we’re here to help you navigate this dynamic and exciting real estate market.