Q2 2024 Sales Report- Salisbury MD Real Estate

Q2 2024 Housing Statistics       

For the period of April 1 through June 30 in Wicomico County, there were 313 settlements on single family housing units, up 1% from Q2 of 2023.  

The median sales price was $265,000, down 2% over the same period.

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

Takeaways for Salisbury MD Area Home Buyers 

Federal Reserve Chair Jay Powell has achieved his stated goal of “cooling off an overheated housing market”. (something the Fed created themselves, but I digress) Since mid-year of 2022, Wicomico County home sales have more less gone “sideways”. Home prices continued to climb until now as high consumer inflation and mortgage rates at nearly 7% have cooled demand. The silver lining may be 1-2 rate cuts by the Fed by year’s end with more expected in 2025. Should this come to pass, more local buyers will be in the market and the increase in demand will inevitably push Salisbury MD area home prices up once again.

Takeaways for Salisbury MD Area Home Sellers 

Despite the challenges described above, it remains a seller’s market in Wicomico County. Homes are taking a little longer to sell and prices are flat, however. Area homeowners should be armed with this information before going on the market. Our new book  goes into detail on pricing a home. We’ll send it free, including shipping!

What Lies Ahead for the Wicomico County Real Estate Market? 

Our Q2 projection  proved better than expected, buoyed by a strong June. The prospect of Fed action after the FOMC meeting in September has many economists expecting a solid Q3 for the U.S. housing market. We’re thinking a rate cut is more likely in November just after the election. All that said, around 340 units closed in Q3 would put us on par with Q3 of 2022. Next week, we’ll publish the Mid-Year Update so check back in with us.

*Based on information from the Coastal Association of Realtors^® for the period 4/1/24 through 6/30/24

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