August Recap: What the Numbers Say About the Market

If you’ve been following the Kent Island real estate market this summer, you know it’s been anything but quiet. August brought a mix of steady buyer activity, competitive pricing, and just enough inventory to keep things interesting. Whether you’re thinking about selling your Chester home or buying your first place in Stevensville, the numbers tell a story — and we’re here to help you make sense of it.

Let’s break it down so you know exactly what’s happening on the Eastern Shore and how it impacts your next move.

Home Prices Hold Strong on Kent Island

August continued the trend of steady home prices across Kent Island and surrounding areas. Median sales prices held close to July’s levels, with many homes still selling at or near asking price.

This is great news for sellers — if you price your home right, buyers are still ready to compete. We saw multiple-offer situations on well-presented homes under $700K, especially in neighborhoods like Cloverfields and Bay City where demand remains high.

For buyers, this means you’ll need to stay prepared with financing pre-approval and a clear strategy. The good news? Price growth has cooled compared to earlier in the year, giving you a little breathing room when making offers.

Inventory is Easing… Just a Little

One of the big stories in 2024 has been low inventory, and August showed some signs of improvement. New listings in Stevensville and Chester ticked up slightly, giving buyers more options to choose from.

However, the best homes — those that are move-in ready and priced correctly — still sold quickly. In fact, many went under contract within the first 7–10 days on the market.

If you’re a seller, this is the time to take advantage of motivated buyers still looking to move before the holidays. If you’re a buyer, expanding your search to include nearby communities like Grasonville or Centreville can increase your chances of finding the right fit.

Mortgage Rates: A Balancing Act

Mortgage rates stayed relatively stable through August, hovering around the mid-6% range for many buyers. While rates are higher than a few years ago, they’ve also come down from their recent peaks, which is welcome news for anyone who was on the fence earlier this summer.

Here’s a real-world example: One of our clients in Chester was hesitant to buy earlier this year when rates were higher. When August brought a slight dip, they jumped in, locked in a rate, and snagged their dream home before competition heated up again.

The takeaway? Timing matters, but so does being ready to act when the right opportunity comes along.

What This Means for Sellers

If you’re considering selling your Kent Island home, August’s numbers suggest it’s still a strong market for you — but pricing and presentation are key. Overpriced homes are sitting longer, while well-priced listings are moving fast.

Here’s what we recommend:

• Price it right from the start. Buyers are savvy and know what homes are worth.

• Focus on first impressions. Fresh landscaping, a tidy entryway, and small updates can make a big difference.

• Work with a local expert. We know what buyers are looking for and how to market your home effectively.

Our Free Seller Guide walks you through every step of the process so you can sell with confidence and maximize your profit.

What This Means for Buyers

For buyers, August’s numbers show that you still need to be proactive — but you also have more room to negotiate than you might have earlier in the year.

Our VIP Buyer Program gives you access to homes before they hit the market, priority showings, and expert guidance on writing a winning offer. This can mean the difference between landing your dream home and missing out.

Looking Ahead to Fall

As we head into September, we expect to see a slight seasonal slowdown, which is normal. That can actually work in your favor — there may be less competition from other buyers, and motivated sellers often want to close before year-end.

Whether you’re buying or selling, the key is to work with a local guide who can help you navigate the numbers and make the best move for your situation.

Your Next Move

August showed us that Kent Island, Stevensville, and Chester remain strong, desirable markets. Prices are holding, buyers are active, and opportunities are out there for those ready to take action.

If you’re curious what your home could sell for in today’s market, we’d love to run a free, no-obligation home value report for you. And if you’re house-hunting, our team can get you into homes before most buyers even know they’re available.

👉 Ready to buy or sell? Contact David J. Moore & Associates at 410-733-6477 or visit ChesapeakeShoresRealtor.com to get started today.