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For Q3 2024, Southern Maryland’s luxury real estate market continues to showcase its appeal with a blend of tranquil waterfront living and a strong sense of privacy, attracting high-end buyers to Calvert, Charles, and Saint Mary's counties. The region remains an attractive destination for those seeking a quieter, more serene lifestyle while still maintaining close proximity to the Chesapeake Bay and major metropolitan areas. Q3 has seen steady activity, with stable pricing and quicker-than-expected days on market, especially for properties offering unique amenities and waterfront access. This report highlights the key market trends that define Southern Maryland's luxury real estate landscape, offering valuable insights for those considering a primary residence, vacation retreat, or even an investment property in this coveted region.
Table of Contents
What You’ll Find in This Report
This report offers a concise analysis of the real estate trends in Southern Maryland, focusing on luxury properties sold over $1 million in Calvert, Charles, and Saint Mary'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: Highlights of key neighborhoods and areas, focusing on local trends, buyer demand, and notable developments.
Luxury Market Analysis: A breakdown of notable luxury sales, including top transactions, and what factors are driving premium prices in the Southern Maryland market.
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, showcasing trends in inventory, price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter, with projections based on current data, interest rate trends, and inventory outlook.
Whether you're looking for a primary residence or a waterfront retreat, this report provides the insights you need to make informed decisions in Southern Maryland's luxury real estate market.
southern maryland Market Analysis
In Q3 2024, the Southern Maryland luxury real estate market experienced a mix of stability and shifting dynamics. Total transactions increased slightly by 7.14% compared to Q3 2023, indicating steady interest in the region’s high-end properties. However, waterfront transactions, a defining feature of Southern Maryland's luxury market, saw a notable decline of 33.33%, likely driven by buyers seeking more varied property types or limited waterfront inventory. Despite this shift, the market continued to attract attention, with 15 total transactions reflecting an ongoing demand for the area’s serene and private living environments.
Key Metrics
The market’s overall health showed resilience, though some key metrics softened. The total sales value dipped by 6.46% year-over-year, while the average sales price dropped by 12.7%, indicating a slight cooling in property prices across the region. This could reflect a broader trend of buyers opting for more moderately priced luxury homes or negotiating stronger deals. Despite this, the price per square foot saw a modest increase of 1.77%, suggesting that buyers remain willing to pay for quality, even if total sale values fluctuate. Notably, the average days on market rose by 22.58%, extending to 38 days, which could point to a more balanced market where buyers take more time to make purchasing decisions.
Metric | Q3 2024 | Q3 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 15 | 14 | +7.14% |
Waterfront Transactions | 6 | 9 | -33.33% |
Total Sales Value | $17,643,429 | $18,862,000 | -6.46% |
Average Sales Price | $1,176,229 | $1,347,286 | -12.70% |
Price Per Square Foot | $379.33 | $372.72 | +1.77% |
Days on Market (Average) | 38 | 31 | +22.58% |
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
Hughesville is a charming, rural community located in Charles County, known for its spacious estates and peaceful countryside. It’s a top choice for luxury buyers who seek privacy, space, and the allure of quiet living. Hughesville is growing in popularity due to its proximity to local wineries, equestrian facilities, and easy access to both Washington, D.C., and Southern Maryland’s coastal regions. It appeals particularly to those looking for larger land parcels and custom-built homes in a tranquil environment.
Q3 2024 Key Metrics:
Total Sales Value: $3,163,475
Average Sales Price: $1,054,492
Number of Transactions: 3
Average Days on Market: 28
Lifestyle Feature:
Hughesville offers residents a blend of serene rural living with modern amenities. The community's large properties and agricultural charm make it perfect for homeowners seeking a private retreat, with equestrian trails and outdoor activities right at their doorstep. Its close-knit community feel and easy access to major highways provide a balanced lifestyle, making it a hidden gem for luxury homebuyers.
Lusby, located in Calvert County, is a highly sought-after area for waterfront buyers, particularly those looking for homes along the Chesapeake Bay and Patuxent River. Known for its stunning views, water access, and a mix of both waterfront estates and modern subdivisions, Lusby offers a unique lifestyle for luxury buyers. Families and professionals alike are drawn to the area for its natural beauty, top-rated schools, and proximity to popular local attractions like Calvert Cliffs State Park and Solomons Island.
Q3 2024 Key Metrics:
Total Sales Value: $2,857,000
Average Sales Price: $1,428,500
Number of Transactions: 2
Average Days on Market: 70
Lifestyle Feature:
Life in Lusby is perfect for those who value a mix of adventure and relaxation. The community boasts access to some of the best fishing, boating, and hiking in the region, all while maintaining a family-friendly atmosphere with top-tier schools and community events. With luxury homes offering incredible water views and convenient access to the D.C. metro area, Lusby is a prime destination for those looking for a peaceful yet connected lifestyle.
Luxury Sales
The luxury real estate market in Southern Maryland continues to show consistent interest, with buyers prioritizing spacious estates, modern amenities, and access to waterfronts. Although the overall number of luxury transactions remains modest in comparison to other regions, the demand for privacy, high-end finishes, and the region's serene setting near the Chesapeake Bay persists. In Q3 2024, several notable sales demonstrated this demand, with properties offering large lots, water views, and premium designs commanding top prices.
This quarter, luxury properties in areas like Lusby, Hughesville, and Charlotte Hall consistently fetched over $1 million, with many featuring contemporary upgrades and eco-friendly elements. Buyers, particularly those coming from urban areas like Washington, D.C., continue to seek these homes for both primary residences and vacation retreats, driving steady demand for high-end real estate in Southern Maryland.
These transactions demonstrate the ongoing demand for luxury homes in Southern Maryland, with buyers continuing to invest in properties that offer a blend of privacy, space, and high-end amenities.
Buyer Insights
The buyer landscape in Southern Maryland's luxury real estate market continues to attract a mix of high-net-worth individuals, families, and professionals seeking both primary residences and second homes. The region remains appealing due to its serene settings, large estates, and waterfront access, all while being relatively close to the Washington, D.C., metro area. The buyer profile for Q3 2024 highlights a strong interest in properties offering privacy, modern amenities, and access to nature, with an uptick in demand for newer constructions and energy-efficient features.
Key Insights
Buyer Demographics:
A significant portion of luxury buyers in Southern Maryland are relocating from the D.C. metro area and northern Virginia. These buyers are typically families, professionals, and retirees seeking a slower pace of life without sacrificing access to modern conveniences. Many of these buyers are purchasing homes as primary residences, while others are acquiring them as vacation homes or future retirement properties.
Property Preferences:
Spacious Estates and Privacy: Buyers continue to seek expansive homes with large lots, especially in areas like Lusby, Hughesville, and Charlotte Hall. The demand for privacy and space remains a driving factor, with many buyers looking for homes that offer tranquility and room for outdoor activities.
Waterfront Living: Waterfront properties in areas like Solomons and Piney Point remain highly desirable, particularly for buyers looking for vacation retreats. Homes with direct water access and scenic views command higher price points, and the desire for these luxury waterfront homes shows no signs of slowing down.
Modern Amenities and Turnkey Homes: Turnkey properties with updated finishes, smart home technology, and eco-friendly features continue to be in demand. Buyers are increasingly drawn to homes that offer a seamless blend of luxury and sustainability, with features such as solar panels, energy-efficient appliances, and modern designs becoming more attractive to this market.
Cash and Financed Purchases: The upper echelon of buyers, particularly in the $1 million+ range, continues to be dominated by cash purchases. However, there is still a notable segment of buyers taking advantage of favorable mortgage rates, especially in the $900,000 to $1.5 million price range. These buyers are typically families upgrading their primary residences or purchasing second homes.
Quarterly Forecast (Q4 2024)
As we look ahead to Q4 2024, the luxury real estate market in Southern Maryland is poised for continued stability, with strong demand driven by buyers seeking privacy, large estates, and waterfront properties. The fall season is historically a slower period for transactions, but this year’s Q4 is expected to see steady activity due to the lingering demand for luxury homes from high-net-worth individuals, particularly those relocating from urban centers like Washington, D.C., and northern Virginia.
Key Drivers:
Continued Interest in Waterfront and Secluded Properties: Waterfront homes in areas like Solomons and Piney Point will remain popular as buyers prioritize lifestyle purchases, particularly for vacation homes or long-term investments. This segment will likely see competitive bidding, especially for homes with modern amenities and water access.
Sustained Demand for Modern, Eco-Friendly Homes: The trend toward sustainability is expected to drive more interest in eco-friendly properties featuring energy-efficient designs, solar installations, and sustainable materials. Buyers looking for turnkey homes will prioritize those that offer both luxury and environmental consciousness.
Slower Sales but Higher Price Retention: While the number of transactions may decline slightly in Q4 due to seasonal factors, prices are expected to remain strong. Luxury properties in prime locations, particularly waterfront homes or those with large acreages, will continue to command high prices, preserving the upward trajectory in price per square foot seen in previous quarters.
Competitive Financing Options: Favorable mortgage rates are likely to continue attracting mid-to-high-end buyers who are financing their purchases. This may help offset any seasonal slowdown, particularly in suburban markets like Lusby and Hughesville, where family-oriented buyers are seeking upgraded homes.
Market Watch:
Price Per Square Foot Growth: With slight growth in price per square foot, buyers and investors may look to capitalize on the appreciation potential, especially in more exclusive areas. Continued price appreciation in Southern Maryland’s luxury market makes these properties a solid investment for long-term returns.
Inventory Levels: As inventory remains relatively tight, we anticipate that well-maintained, updated homes will continue to move quickly, with fewer days on market, especially in highly desirable locations. Sellers of luxury homes in this region are likely to benefit from ongoing demand, even with the usual Q4 slowdowns.
Overall, the Southern Maryland luxury real estate market is expected to maintain its strength going into Q4, with robust demand for properties that offer both luxury living and natural beauty. As more buyers recognize the value in privacy and eco-conscious living, this region will continue to attract those seeking an elevated lifestyle in a tranquil setting.
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, sprawling countryside properties, or modern retreats. We offer private consultations to help you find your ideal home in Southern Maryland. Our tailored home tours are designed to match your specific needs and provide exclusive access to some of the most desirable properties across Leonardtown, Dunkirk, Huntingtown, 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. Whether you're interested in waterfront estates with private docks or income-generating vacation homes, we help you navigate 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 Southern Maryland. 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 getaway or a full-time residence with water access, we provide expert guidance tailored to your needs.
The Q3 2024 Southern Maryland luxury real estate market continues to demonstrate resilience and stability, fueled by strong demand for waterfront properties, large estates, and eco-friendly homes. While the market remains smaller in scale compared to other regions, it offers a unique appeal to buyers seeking privacy, modern amenities, and proximity to the Chesapeake Bay. This quarter's data reflects a steady interest in high-end properties, with prices holding firm despite fluctuations in transaction volume.
Looking ahead to Q4, the luxury market is expected to retain its appeal, with competitive bidding for desirable properties likely to continue. Buyers from urban areas such as Washington, D.C., will drive much of the demand, particularly for second homes and investment properties that offer long-term value. With an eye on sustainability and turnkey convenience, luxury buyers are shaping the future of this market, ensuring that Southern Maryland remains an attractive destination for those seeking a peaceful, upscale lifestyle.
As you plan your next move in Southern Maryland’s luxury market, these insights will help guide your real estate decisions, whether you're buying, selling, or investing.