Mid-Year 2024 Housing Report 

State of the Salisbury MD Area Real Estate Market 

As of June 30, there were 529 settlements on residential housing units in Wicomico County in 2024, unchanged from this time last year. The median sales price in the Salisbury MD real estate market was $264,000, up 4% over same period. Foreclosures and short sales have accounted for 4% of residential sales in the Salisbury MD area real estate market this year, unchanged the mid-point of 2023. 

In the Q2 Housing Report, we discussed the “sideways” trajectory the Wicomico County housing market, brought on by high mortgage rates and stubbornly high consumer inflation. Looking back 6 months to the 2023 Year in Review, our prediction for home prices in the Salisbury MD has been fairly accurate year to date. We would need to see significant action by the Fed in Q3 and Q4 for home sales to spike. The culprit goes back to inflation, however. When target inflation levels are achieved, the Fed will cut its funds rate and mortgage rates should follow. More buyers will enter the market and home sales will go up as a result.  

Housing Outlook in Salisbury MD for the Second Half of 2024 

Many industry economists believe the Fed will cut rates twice this year, once in September and once in December. We’re not as bullish but are predicting a single rate cut just after the November election. Any relief in mortgage rates would be welcomed by Wicomico County homebuyers but that relief would likely be short lived. As more buyers enter the market, upward price pressure is inevitable but can take a few months to be realized in the data.  

Around 575-600 homes should sell in Wicomico County by the end of the year, with prices up an additional 1-3% over where they are currently. We’ll be watching the Federal Reserve, domestic labor market, Consumer Price Index, the possibility of a regional conflict in the Middle East and the November election as critical factors shaping the Salisbury MD area housing market for the remainder of the year.

*Based on information from the Coastal Association of Realtors® for the period 1/1/24 through 6/30/24 

Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed.