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This comprehensive report covers the luxury real estate market trends for Maryland's Eastern Shore, with a focus on the key counties of Talbot, Queen Anne's, and Kent. Known for its scenic landscapes, charming waterfront towns, and proximity to the Chesapeake Bay, the Eastern Shore continues to attract high-net-worth buyers seeking privacy, waterfront access, and an escape from the bustle of nearby metropolitan areas. Although the luxury market here remains smaller in scale compared to other regions, it offers a distinctive lifestyle that blends rural tranquility with upscale living.
In Q3 2024, the luxury market on the Eastern Shore experienced consistent activity, with a noticeable demand for waterfront estates and properties boasting premium finishes. Buyers continue to be drawn to the region's natural beauty, historic charm, and easy access to sailing, fishing, and other outdoor recreational opportunities. This report highlights key metrics and trends for the third quarter, offering insights that can help guide your real estate decisions—whether you are seeking a primary residence, a vacation home, or a long-term investment.
Table of Contents
What You’ll Find in This Report
This report offers a deep dive into the real estate trends in the Eastern Shore of Maryland, focusing on luxury properties sold over $1 million in Talbot, Kent, and Queen Anne'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: Deep dives into top-performing neighborhoods, highlighting local trends, new developments, and buyer demand.
Luxury Market Analysis: Breakdown of notable luxury sales, including the top transactions, and what factors are driving premium prices.
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, such as trends in inventory, average sale price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter based on current data, interest rate trends, and inventory projections.
EASTERN SHORE 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 | Q3 2024 | Q3 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 43 | 49 | -12.24% |
Waterfront Transactions | 36 | 41 | -12.20% |
Total Sales Value | $88,175,000 | $85,005,255 | +3.73% |
Average Sales Price | $2,050,581 | $1,734,801 | +18.20% |
Price Per Square Foot | $608.76 | $612.34 | -0.58% |
Days on Market (Average) | 58 | 45 | +28.89% |
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
Easton continues to be one of the most sought-after locations on the Eastern Shore. Known for its blend of historic charm and modern amenities, Easton offers a high quality of life that attracts both full-time residents and second-home buyers. The town is famous for its vibrant arts scene, boutique shopping, and excellent dining options, making it a cultural hub for the region. Easton also provides easy access to the Chesapeake Bay, allowing residents to enjoy boating, fishing, and waterfront living.
Q2 2024 Key Metrics:
Total Sales Value: $23,766,000
Average Sales Price: $1,828,154
Number of Transactions: 13
Average Days on Market: 35
Many buyers are drawn to Easton’s peaceful suburban atmosphere, which combines the best of small-town living with convenient access to larger cities like Washington, D.C., and Baltimore.
Lifestyle Feature:
Living in Easton offers a unique mix of quiet, laid-back charm and access to some of the best cultural and recreational activities on the Eastern Shore. Residents enjoy the best of both worlds: a relaxed pace of life with nearby theaters, galleries, and historical landmarks, as well as opportunities for outdoor adventure with easy access to the Chesapeake Bay. Easton’s walkable downtown makes it easy to explore local cafes, artisanal shops, and farmers markets, giving residents a sense of community and belonging.
Saint Michaels is one of the most picturesque and desirable waterfront towns on Maryland's Eastern Shore. Steeped in history, this charming town is known for its colonial architecture, world-class marinas, and stunning waterfront views of the Chesapeake Bay. It offers a slower, relaxed pace of life, making it an attractive destination for retirees, second-home buyers, and those seeking a peaceful escape from city life.
Q2 2024 Key Metrics:
Total Sales Value: $13,695,000
Average Sales Price: $2,282,500
Number of Transactions: 6
Average Days on Market: 68
Lifestyle Feature:
Life in Saint Michaels revolves around the water. Residents can enjoy sailing, fishing, and kayaking on the Bay, while land lovers appreciate the town's quaint streets, gourmet restaurants, and boutique shopping. The town is also a haven for history buffs and art lovers, with galleries, museums, and historical landmarks. Whether you’re exploring the local farmer's market or enjoying a sunset cruise, Saint Michaels offers a lifestyle that perfectly blends luxury, relaxation, and coastal charm.
Stevensville is one of the most desirable communities on Maryland’s Eastern Shore, especially for luxury buyers seeking waterfront properties and a serene lifestyle. Located on Kent Island, Stevensville offers close proximity to the Chesapeake Bay and the Bay Bridge, making it an attractive location for both primary residences and vacation homes. Known for its historic charm, beautiful marinas, and picturesque landscapes, Stevensville provides the perfect balance of tranquility and convenience for professionals, retirees, and families alike. The town's vibrant local community and access to outdoor recreational activities, such as boating, fishing, and hiking, add to its appeal.
Q2 2024 Key Metrics:
Total Sales Value: $7,102,000
Average Sales Price: $1,775,500
Number of Transactions: 4
Average Days on Market: 33
Lifestyle Feature:
Life in Stevensville is characterized by waterfront living and a strong sense of community. Residents can enjoy leisurely days on the water, exploring nearby parks like Terrapin Nature Park, or dining at waterfront restaurants. The area’s historic charm blends well with modern luxury, offering upscale properties with stunning water views and access to private piers. With its ideal location, Stevensville is perfect for those seeking a peaceful, upscale lifestyle within commuting distance to Annapolis, Baltimore, and Washington, D.C.
Luxury Sales
The luxury real estate market on Maryland's Eastern Shore continues to showcase its appeal to affluent buyers seeking expansive properties, waterfront access, and serene settings. In Q3 2024, we saw notable transactions across several communities, with buyers gravitating toward high-end homes offering modern amenities, large acreages, and proximity to water bodies like the Chesapeake Bay.
Despite some fluctuations in pricing, the demand for luxury homes remains steady, driven by a combination of privacy, space, and lifestyle. Communities such as Easton, Saint Michaels, and Stevensville stood out with several top-tier transactions, particularly for homes with waterfront views, private docks, and premium finishes.
Luxury Real Estate as an Investment
The luxury real estate market on the Eastern Shore remains an attractive investment for those seeking exclusivity, tranquility, and the unique lifestyle offered by waterfront living. As the year progresses, we expect continued interest in these premier properties, especially from high-net-worth individuals looking for primary residences, vacation homes, or investment properties.
Buyer Insights
The luxury real estate market on the Eastern Shore in Q3 2024 has continued to attract a diverse range of buyers, many of whom are high-net-worth individuals from urban areas such as Washington, D.C., and Baltimore. These buyers are looking for waterfront properties, expansive estates, and second homes that offer both privacy and the ability to entertain guests. As remote work remains popular, more professionals and entrepreneurs are opting for properties on the Eastern Shore that offer a peaceful environment without sacrificing access to major cities.
Key Insights
Buyer Demographics:
Many luxury buyers in Q3 2024 were families and retirees seeking to transition from urban environments to a more laid-back lifestyle, drawn to the region’s natural beauty and access to the Chesapeake Bay. A significant percentage of buyers were also from neighboring states like Virginia and Pennsylvania, further increasing demand.
Property Preferences:
Waterfront properties: Homes with private docks, easy access to boating, and panoramic water views continued to dominate buyer interest. Areas like Saint Michaels, Easton, and Stevensville saw the highest demand for these properties.
Modern finishes: Turnkey properties with updated, luxury finishes were preferred, especially those with energy-efficient designs, open layouts, and spacious outdoor areas for entertaining.
Acreage: Large lots and estate-sized properties, particularly those with a combination of waterfront access and privacy, were highly sought after in areas like Sudlersville and Queenstown.
Proximity to amenities: Buyers also valued proximity to local amenities, including restaurants, marinas, and shops. Communities that offer both seclusion and convenient access to essentials were preferred by those looking for primary residences.
Financing Trends:
Cash purchases: Cash buyers dominated the top end of the market, especially in sales above $2M, reinforcing the strength of high-net-worth individuals in the region. These buyers were typically looking for second homes or investment properties.
Financed purchases: Buyers in the $1M-$2M range took advantage of attractive mortgage rates, particularly in areas like Stevensville and Grasonville, where demand for mid-luxury homes remained steady.
Sustainability and eco-friendly living:
There was an increasing trend toward eco-conscious purchases, with buyers showing interest in homes with energy-efficient systems, solar power, and sustainable building materials. This demand has led to more new construction properties incorporating these features.
Overall, the buyer profile on the Eastern Shore is a mix of families seeking a peaceful, waterfront lifestyle and investors looking for properties that offer long-term value and rental potential.
Quarterly Forecast (Q4 2024)
Q4 2024 Forecast
As we move into the final quarter of 2024, the Eastern Shore luxury real estate market is expected to maintain its steady demand, particularly for waterfront properties and estates with acreage. Several factors will likely shape the market in Q4:
Continued Demand for Waterfront Properties: The attraction of waterfront homes will remain strong, particularly as buyers seek out properties that provide both scenic views and recreational activities like boating and fishing. Areas like Easton, Saint Michaels, and Stevensville are expected to see the bulk of this interest. As inventory for premium waterfront homes remains limited, prices are likely to hold firm or increase slightly in these areas.
High-Interest Rates and Cash Buyers: While mortgage interest rates are expected to remain elevated, this will have little effect on the high-end segment of the market, which is dominated by cash buyers. However, mid-level luxury buyers in the $1M-$2M range may face challenges securing favorable financing, which could lead to more negotiations on price.
Seasonal Slowdown: Historically, Q4 tends to see a seasonal slowdown as colder weather sets in, particularly on the Eastern Shore. However, luxury buyers who are seriously considering making a purchase may take advantage of any price softening that comes with the reduced competition in the colder months. This could make Q4 an opportune time for motivated buyers.
Shift in Buyer Preferences: We expect a continued interest in sustainability and energy-efficient homes, with more buyers seeking out properties that offer eco-friendly features. Sellers who highlight these aspects in their listings will likely appeal to the growing market of environmentally conscious buyers.
Vacation Homes and Rental Investments: As the Eastern Shore remains a popular destination for vacation homes and rentals, the trend of buyers looking for properties to use as investment homes or second residences will likely continue. Buyers are particularly drawn to homes that can offer rental income or be used for seasonal retreats.
In summary, while Q4 traditionally experiences a slight dip in activity, the Eastern Shore’s luxury market is likely to stay resilient, driven by strong demand for waterfront estates and the continued appeal of the area as a desirable place to live, work, and invest. High-net-worth buyers will continue to shape the market, with cash offers playing a significant role in closing deals.
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, historic homes, or modern retreats. We offer private consultations to help you find your dream property in the Eastern Shore region. Our tailored home tours are designed to match your specific needs and provide exclusive access to some of the most desirable properties across Easton, Saint Michaels, Stevensville, 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. From waterfront estates with private docks to income-producing vacation rentals, we’ll help you capitalize on 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 the Eastern Shore. 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 retreat or a full-time residence with water access, we provide expert guidance tailored to your needs.
The luxury real estate market on the Eastern Shore continued to demonstrate stability and resilience throughout Q3 2024, driven by strong demand for waterfront properties and spacious estates. Despite fluctuations in the broader market, the Eastern Shore remains a desirable location for high-net-worth individuals seeking privacy, scenic beauty, and proximity to the Chesapeake Bay. The trends observed in Q3 suggest that while the number of transactions may have slightly declined, buyer interest, particularly for homes with modern amenities and waterfront access, remains robust.
As we move into Q4, the market is poised for continued strength, particularly in the waterfront segment. While seasonal factors may bring a natural slowdown, cash buyers and those looking for second homes or vacation investments will continue to keep activity levels high. Sellers who position their properties well by highlighting eco-friendly features, updated finishes, and water access are likely to see strong interest, even in a potentially slower market.
Ultimately, the Eastern Shore luxury market continues to offer a blend of lifestyle and investment opportunities, and it remains an attractive destination for those seeking both high-quality living and long-term value.