Kent County home sales steady as listings rise and days on market lengthen

Cindy Genther, a broker with Rock Hall Properties and Maryland broker for the Flynn Company, told the Kent County Economic Development and Tourism Commission that unit sales in 2024 were largely flat while inventory and average days on market increased, signaling possible price pressure in 2025.

Genther said 315 residential units sold in Kent County in 2024, and that 71 homes were listed for sale at year-end versus 51 a year earlier. “The days on market in the last quarter of 2024 were up to almost 50 days on the market,” she said, adding that “we’re seeing properties stay on the market longer, and we’re seeing more properties come on the market.”

The presentation used sales data from Bright MLS and public assessment records from the Maryland Department of Assessments and Taxation (SDAT), Genther said. She noted that 222 of the 315 homes sold in 2024 had sale prices under $300,000. Genther also said cash purchases remain significant: roughly 32% of buyers paid cash, 48% used conventional financing and 20% used FHA or VA-type financing.

Why it matters: local government and economic development officials said the trends influence workforce housing availability, municipal tax revenue and planning for infrastructure and schools. Genther and commissioners linked demand for walkable town neighborhoods to interest in Chestertown and Rock Hall and said that, while town inventories are flat, sales increased in unincorporated parts of the county.

Supporting details from the presentation: - Location breakdowns: unit sales fell in Chestertown compared with prior years (partly explained by a build-out at The Village at Chestertown), and were flat in Rock Hall and Galena while rising elsewhere in the county. Genther reported that about 70% of buyers in the 21620 (Chestertown area) recorded the purchased property as their primary residence; roughly 60% were primary residents in the 21661 (Rock Hall) area, based on SDAT residency indicators she reviewed. - New construction: Genther said townhouses at The Village at Chestertown sold in the roughly $250,000–$270,000 range, with the site’s average new-home sale at about $263,781. She reported roughly $7.5 million in new-home sales for the county and noted associated property-tax revenues (town + county + state) totaling “about $109,000” in the period referenced. - Land and farm sales: Genther said five farm properties sold (one about 23 acres, others larger) and that sales ranged from about $1.7 million up to $5 million; buyers in those cases appear to be keeping the land in agricultural use. - Commercial and rental market: 12 commercial properties sold in 2024 (versus 14 the prior year); Genther flagged continued interest in mixed-use retail properties when pricing allows investor returns. She said no multifamily properties sold in 2024 but three were on the market. The rental market, she said, remains tight with landlords receiving many applications for available units. - Investor and short‑term rental activity: Genther said investor and short‑term rental buying decreased in 2024 as price increases reduced investment returns. She also said there has been greater scrutiny on short‑term rentals paying lodging taxes. - Financing and interest rates: Genther noted mortgage rates approached 7% during the year and that the National Association of Realtors had recently reported seven straight weeks of declining mortgage rates, with rates moving toward about 6% at the time of the presentation. She said falling rates could bring sidelined buyers back into the market and might affect demand and price dynamics in 2025. “I think we’re gonna see flattening prices in 2025,” she said. - Construction costs: Genther reported typical renovation/construction-for-existing-homes costs near $198 per square foot and new-home construction commonly in the $250–$300 per square-foot range, depending on finishes.

Commission members and staff asked clarifying questions about demographic impacts, school enrollment and first-time buyers. Genther and participants said school districts were already reporting upticks in elementary enrollment and that some new home buyers were families with children. On first-time buyers, lenders cited differing measures; Genther said her informal review suggested a meaningful share of buyers were “first-time Maryland homebuyers” or new-to-state buyers rather than never-before homeowners.

Ending: Commissioners said the market data will inform conversations about workforce housing, development priorities and county marketing efforts. Genther closed by saying she would return next year with an updated review when more 2025 data are available.