Maryland Eastern Shore Real Estate Market Report (February 2025)
Data Source: Bright MLS Weekly Market Report, Week Ending November 10, 2024
Report Prepared by Square Feet Appraisals in Collaboration with Delaware Beaches Online
Market Overview
As we step into the spring market, buyers and sellers on Maryland’s Eastern Shore remain cautious. Mortgage rates have eased slightly but still hover above 6.5%, causing hesitation among buyers. Economic uncertainty is also playing a role, but showing activity is stronger here than in other Mid-Atlantic markets.
Overall Market Summary
| Metric | February 2025 | February 2024 | YoY Change |
|---|---|---|---|
| New Listings | 298 | 325 | -8.3% |
| Pending Sales | 256 | 313 | -18.2% |
| Closed Sales | 217 | 245 | -11.4% |
| Median Sold Price | $366,000 | $349,900 | +4.6% |
| Median Days on Market | 36 days | 14 days | +22 days |
| Active Listings | 818 | 693 | +18.0% |
| Months of Supply | 2.65 | 2.31 | +0.34 months |
County Breakdown
| County | Closed Sales | Median Price | Days on Market | Active Listings |
|---|---|---|---|---|
| Caroline | 26 (0%) | $265,450 (-21.9%) | 56 days (+24 days) | 89 (+29.0%) |
| Cecil | 69 (-14.8%) | $367,000 (+1.9%) | 14 days (+4 days) | 193 (+11.6%) |
| Dorchester | 32 (-5.9%) | $250,000 (+13.4%) | 69 days (+48 days) | 159 (+11.2%) |
| Kent | 14 (-36.4%) | $322,500 (+20.6%) | 113 days (+103 days) | 67 (+36.7%) |
| Queen Anne’s | 47 (-4.1%) | $485,000 (-6.7%) | 28 days (-2 days) | 157 (+11.3%) |
| Talbot | 29 (-12.1%) | $415,000 (+16.9%) | 37 days (+20 days) | 153 (+29.7%) |
Market Breakdown by Property Type
| Property Type | Closed Sales | Median Price | Days on Market | New Listings | Active Listings |
|---|---|---|---|---|---|
| Detached Single-Family | 216 (-18.8%) | $377,500 (+4.9%) | 35 days (+17 days) | 685 (+17.5%) | 818 (+18.0%) |
| Townhomes | 20 (-31.0%) | $266,250 (+4.8%) | 32 days (+26 days) | 64 (+12.3%) | 256 (+0.4%) |
| Condos | 8 (-33.3%) | $472,500 (+17.5%) | 102 days (+67 days) | 69 (+30.2%) | 14 (-53.3%) |
Key Insights
- Inventory Growth: Active listings are up 18% year-over-year, but still below pre-pandemic levels.
- Rising Prices: Median home prices have increased 4.6% year-over-year, despite slower sales.
- Slower Market: Homes are taking significantly longer to sell, with median days on market increasing from 14 to 36 days.
- Declining Sales: Pending sales have dropped by 18.2%, reflecting buyer hesitancy due to high mortgage rates.
Observations & Trends
- Buyers are becoming more selective, waiting for better opportunities as mortgage rates remain high.
- Sellers need to price homes competitively, as properties are sitting on the market longer.
- Certain counties show sharp contrasts, with Kent County seeing a drastic rise in days on market (+103 days), while Queen Anne’s County saw a price drop (-6.7%).
- Condos are struggling, with closed sales down 33.3% and median days on market rising by 67 days.
Takeaway
The Maryland Eastern Shore housing market is shifting toward a more balanced state, but challenges remain. Buyers are cautious, and sellers need to adjust pricing expectations. While prices are still rising, sales activity is slowing, signaling a more patient market environment.
For further details, visit brightmls.com/research.
