Market Highlights for November 2024

• Sales Activity Remains Steady: Closed sales increased slightly by 0.7% year-over-year, with 289 properties sold in November 2024. Year-to-date, sales have risen 5.6%, reflecting consistent growth despite seasonal cooling.
• Rising Home Prices: The median sold price reached $402,500, up 10.4% from November 2023. This marks the third consecutive month of double-digit price appreciation.
• Inventory Trends: Active listings increased by 15.8%, continuing a 16-month growth streak. However, new listings dropped 10.2% compared to last year, creating mixed signals for market supply.
• Buyer and Seller Dynamics: Median days on the market increased to 19 days, up three days from November 2023. Showings rose by 6.0%, indicating strong buyer interest despite higher mortgage rates.

County-Specific Trends

Talbot County Housing Market Trends – November 2024

• Closed Sales: 61 homes sold, up 69.4% compared to November 2023.
• Median Sold Price: $610,000, up 8.0%, showcasing continued price growth.
• Median Days on Market: 27 days, 12 days longer than November 2023, indicating slightly slower sales.
• New Pending Sales: Increased 36.4%, showing strong buyer interest.
• New Listings: Grew by 30.6%, adding much-needed inventory to the market.
• Active Listings: Up 59.3%, reflecting significant inventory growth.
• Months of Supply: 3.74 months, up 1.23 months, moving toward a more balanced market.

Kent County Housing Market Trends – November 2024

• Closed Sales: 24 homes sold, down 7.7% compared to November 2023.
• Median Sold Price: $367,500, up 14.8%, reflecting strong appreciation.
• Median Days on Market: 13 days, 20 days fewer than November 2023, indicating faster sales.
• New Pending Sales: Increased 4.8%, showing a modest uptick in buyer activity.
• New Listings: Grew by 5.3%, contributing to slightly higher availability.
• Active Listings: Up 25.7%, signaling improved inventory.
• Months of Supply: 3.52 months, up 0.72 months, moving toward market balance but still favoring sellers.

Cecil County Housing Market Trends – November 2024

• Closed Sales: 76 homes sold, down 20.8% compared to November 2023.
• Median Sold Price: $367,500, up 6.1%, showing steady price appreciation.
• Median Days on Market: 12 days, 2 days longer than November 2023, indicating stable demand.
• New Pending Sales: Dropped 35.6%, reflecting a slowdown in buyer activity.
• New Listings: Declined 7.9%, reducing new inventory options.
• Active Listings: Decreased by 6.0%, limiting the available supply.
• Months of Supply: 2.19 months, down 0.22 months, keeping it firmly a seller’s market.

What Does This Mean for Buyers and Sellers?

For Buyers: While rising inventory offers more options, competitive pricing remains a challenge. Mortgage rates are projected to decline in 2025, potentially easing affordability concerns.

For Sellers: Higher home prices provide opportunities for increased returns. However, fewer new listings suggest that properly marketing your property is more important than ever.

Looking Ahead to 2025

Bright Research anticipates increased sales activity in 2025, driven by declining mortgage rates and a steady rise in inventory. Despite this, upward price trends are expected to continue as buyer demand remains strong.

The Maryland Eastern Shore housing market is evolving, making now the perfect time to connect with a local Coldwell Banker Chesapeake real estate professional for expert guidance tailored to your needs.