The Long & Foster Market Minute

Focus On: Eastern Shore Maryland Housing Market January 2024

Units Sold
678
Active Inventory
2,643
Median Sale Price
$391,500
Days On Market
48
Up 1%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 12%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 678 sold this month in Eastern Shore Maryland Real Estate versus 829 last month, a decrease of 18%. This month's total units sold was higher than at this time last year, an increase of 1% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 203 units or 8%. The total number of active inventory this January was 2,643 compared to 2,440 in January 2023. This month's total of 2,643 is lower than the previous month's total supply of available inventory of 2,806, a decrease of 6%.

Median Sale Price
Last January, the median sale price for Eastern Shore Maryland Homes was $382,500. This January, the median sale price was $391,500, an increase of 2% or $9,000 compared to last year. The current median sold price is 2% lower than in December.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,068
Current Contracts
932
Sold Vs. List Price
97.6%
Months of Supply
3.9
Down -1%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -1.6%
Vs. Year Ago
Up 7%
Vs. Year Ago

Months of Supply
In January, there was 3.9 months of supply available in Eastern Shore Maryland, compared to 3.6 in January 2023. That is an increase of 8% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,068 homes newly listed for sale in Eastern Shore Maryland compared to 1,084 in January 2023, a decrease of 1%. There were 932 current contracts pending sale this January compared to 905 a year ago. The number of current contracts is 3% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Eastern Shore Maryland was 97.6% of the average list price, which is 1.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 48, higher than the average last year, which was 43, an increase of 12%.

The Long & Foster Market Minute *Defined as the counties Caroline, Cecil, Dorchester, Kent, Queen Annes, Somerset, Talbot, Wicomico, and Worcester in MD and Sussex County in DE
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.