Long & Foster’s Quarterly Baltimore-Annapolis-Eastern Shore Market Report details trends in luxury real estate

Luxury home sales outpaced the traditional market in the Baltimore | Annapolis | Eastern Shore Region in the first half of 2022 compared to the same time period in 2021 according to Long & Foster Real Estate’s mid-year market report.

Long & Foster is the market leader in the Baltimore | Annapolis | Eastern Shore Region, bringing more luxury buyers and sellers together than any other broker in that region.

While sales of properties less than $1 million were down over 14% in the first half of 2022, high-end homes – those priced above $1 million – increased by double-digits (10%) from the same period the prior year. At the mid-way point of the year, we’re continuing to see inventory challenges, with a 6% decline in the traditional market and relatively no changes in luxury inventory.

“Looking ahead, we predict a more balanced market than we’ve had recently,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With increased mortgage rates, we expect demand will cool, shifting from the strong sellers’ market we’ve had,” Foster added that for homebuyers who’d become frustrated with the lack of inventory, the number of homes on the market is expected to increase. Conversely, because the supply of homes available remains at record lows, it’s still a great time for sellers.

In addition to highlighting major trends in the Central Maryland region, Long & Foster’s Baltimore/Annapolis/Eastern Shore Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single-family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety, here.  

Long & Foster is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfoster.com.