The Annapolis, Maryland Market Report

MARKET REPORT

The State of the Market

As we reflect on the year ending 2023, one thing is clear: homes in Annapolis, Maryland are in high demand.

Due to its desirable waterfront location, its proximity to the Mid-Atlantic’s premier metropolitan areas of Washington, D.C. and Baltimore, Maryland, and limited availability of available land, housing in Annapolis, Maryland is largely characterized by well preserved row homes and bungalows in its historic district and stunning waterfront homes along the South River and the Severn River, which are coveted by the Mid-Atlantic region’s high-net worth individuals.

The most expensive home sold in Annapolis, Maryland for the year ending 2023 was a custom waterfront residence on Eastern Avenue in the desirable Eastport neighborhood.

Built in 2003, the home features over 6,100 square feet of interior living space, bespoke gardens by Walnut Hill Landscape Company, and a private dock with 82 feet of water frontage along the Severn River, the home sold for $9,500,000 in July 2023 after only 11 days on the market.

Just down the street, a 3,100 square foot new construction home sold in August 2023 for $3,675,000.

For those seeking to purchase a single family home in Annapolis, Maryland, you can expect to pay an average of $435.22 per square foot and an average total sales price of $986,661. Single family homes in Annapolis, Maryland typically sell in 25 days.

“The Annapolis, Maryland housing market is among the most desirable in the Mid-Atlantic,” says Angela Healy, AIA, Principal Architect at Bohl Architects in Annapolis, Maryland.

For those seeking a new construction homes in Annapolis, Maryland, options are few and far between, with new construction representing only 3% of all residential home sales in Annapolis, Maryland.

For those seeking new construction homes in Annapolis, Maryland, the average sale prices for single family homes are $1.08 Million for the year ending 2023, while more modestly-sized new construction town homes sold for an average of $596,088.

Among the oldest cities in the United States, raw land in Annapolis, Maryland is scarce, with only 26 land sales recorded for the year ending 2023. Land in Annapolis, Maryland for the year ending 2023 sold for an average price per acre of $955,825.