Q1 2024 Sales Report- Salisbury MD Real Estate

Q1 2024 Housing Statistics     

For the period of January 1 through March 31 in Wicomico County, there were 215 settlements on single family housing units, down 1% from Q1 of 2023.  

The median sales price was $260,000, up 8% over the same period.

Foreclosure and short sale properties accounted for 4% of single-family home sales in the first quarter of 2024. This was up from 3% during the same period in 2023. *

Takeaways for Salisbury MD Area Home Buyers

This was the lowest total for area home sales for the first quarter since Q1 of 2019. Continued high consumer inflation meant higher mortgage rates in Q1 for home buyers in Wicomico County. As a result, home sales nearly mirrored what we saw for the same quarter in 2023. Inventory continues to lag, leaving fewer choices for buyers currently in the market. The inevitable result is higher home prices. We discussed the inventory issue in detail in the 2023 Year in Review.

Takeaways for Salisbury MD Area Home Sellers

Area homeowners looking to move can proceed with confidence knowing that with only 2 months of inventory, it remains a seller’s market. This should be tempered a bit, however, with the realization that today’s buyer is extremely rate and payment sensitive. They also tend to move very deliberately, pursuing properties they deem are priced correctly, while requests for closing cost assistance are becoming more common.

What Lies Ahead for the Wicomico County Real Estate Market?

Our Q1 projection fell a little short on both sales and prices. The odds of mortgage rates declining appreciably in the next three months go down with each new negative inflation report. That said, little relief is in sight for home buyers hoping to close by the end of June. We’re thinking around 280 units will sell in Wicomico County in Q2, while the median home price should stay consistent around 260K.

*Based on information from the Coastal Association of Realtors^® for the period 1/1/24 through 3/31/24

Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2024