Q3 2024 Sales Report- Salisbury MD Real Estate

Q3 2024 Housing Statistics   

For the period of July 1 through September 30 in Wicomico County, there were 278 settlements on single family housing units, up 10% from Q3 of 2023.  

The median sales price was $273,000, up 3% over the same period.  

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

Takeaways for Salisbury MD Area Home Buyers 

A quarterly increase of 10% for home sales year over year may look impressive on paper. But let’s not forget that 2023 posted the lowest sales total for the third quarter since 2014 in Wicomico County. That said, 2024 was the second lowest for Q3 home sales in a decade. Mortgage rates dropping nearly a full percentage point over the quarter weren’t enough to pull the Salisbury MD area real estate market out of its sideways trajectory.

Many local home buyers have simply opted to wait for mortgage rates to drop further, while others are on hold until after the election when the Fed meets next. With home inventory at a high not seen in several years and time on market increasing, it may make sense for some buyers to purchase now before rates drop further and higher demand pushes up home prices.

Takeaways for Salisbury MD Area Home Sellers

For reasons stated above, the leaner home buyer pool is more payment sensitive than ever. It’s imperative for Wicomico County home sellers to recognize that buyers have more homes to choose from, can afford to be patient, and will be firmer in their negotiations.

The data backs this up. Year to date, home prices are up 2% versus this time in 2023 (less than the inflation rate). Home sales in the Salisbury MD area are up only 4% over the same period. This simply means that the market is flat, and the shift has been far more noticeable since mid-year. The price of a home remains the single most important factor in how long it will take to sell, or even if it sells at all.

What Lies Ahead for the Wicomico County Real Estate Market? 

Mortgage rates will continue to be the main driver of the housing market moving forward. Other factors are the election, unrest in the Middle East (think oil prices) and a wobbly labor market. The recent inflation report for the CPI (Consumer Price Index) came in higher than anticipated.

In their upcoming November meeting, the Fed will need to determine if inflation has been truly tamed and how to respond. For Q4, we are far from bullish and expect mortgage rates to stay in the mid 6% range for the remainder of the year. About 240 units should close in Wicomico County. This would be on par with Q4 of 2023.

*Based on information from the Coastal Association of Realtors^® for the period 7/1/24 through 9/30/24

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