Real estate in the Baltimore | Annapolis | Eastern Shore regions soared in the first half of 2021, both in the traditional and luxury ($750,000+) space. Sales across the market increased 26% from the same period in 2020, and luxury home sales more than doubled, with a 130% increase in sales during the first half of the year.
The luxury market in the Baltimore region saw a 34% decline in the number of homes for sale, according to the Long & Foster | Christie’s International Real Estate mid-year market report for the region.
“While inventory has remained low, interest rates have done the same—creating opportunities for both high-end buyers and sellers, especially those working with professional Realtors® like those at Long & Foster,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Whether you’re shopping for a larger home, considering an investment or vacation property, or downsizing, Long & Foster offers everything you need to buy or sell a home without the complexity or uncertainty you may have experienced in the past.”
Luxury home sales jumped by 136.7% in Central Maryland by the end of the second half of 2021, and prices were up 3.4%, compared to a year earlier. Homes sold much faster in the second quarter, staying on the market just 29 days, a 47.3% decrease from the second quarter of 2020.
On the Eastern Shore, the number of luxury properties sold in the second quarter increased by a significant 150.5% while inventory was down 41.6%. The median sale price increased 2.3% compared to same time last year. The average marketing time fell 45.4% in the second quarter, to 65 days. Among the area’s luxury neighborhoods, Queenstown had the highest percent of luxury listings at 40%, followed by St. Michaels with 35%, Easton with 19% and Stevensville with 14%.
In addition to highlighting major trends in the Central Maryland region, the Long & Foster | Christie’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.