Q4 2023 Sales Report- Salisbury MD Real Estate

by Vision Realty Group

Q4 2023 Housing Statistics

For the period of October 1 through December 31 in Wicomico County, there were 242 settlements on single family housing units, down 6% from Q4 of 2022.

The median sales price was $250,000, up 8% over the same period.

Foreclosure and short sale properties accounted for 5% of single-family home sales in the fourth quarter of 2023. This was up from 3% during the same period in 2022. *

Takeaways for Salisbury MD Area Home Buyers

Many Salisbury MD area home buyers took a breather in Q4, despite rates sliding back nearly 150 basis points from October- December as discussed in the December Sales Report. Consumer inflation remained high, inventory remained low and only the most motivated appeared to be house hunting.

Takeaways for Salisbury MD Area Home Sellers

After a record seven rate hikes in 2022 and four more in 2023, Jay Powell and the Federal Reserve achieved their stated unofficial objective of “cooling an overheated housing market”. Nationwide, home sales fell by over 17% in 2023. They knew in advance how rate hikes would impact buyer demand because of higher borrowing costs.

However, any anticipated decrease in home prices failed to materialize as the Fed may have underestimated the impact their actions had on housing supply. We covered this in detail in both the Q1 and Q2 Housing Reports. The median home price in Wicomico County was up 2.4% in 2023.

What Lies Ahead for the Wicomico County Real Estate Market?

From now through the end March, home sales, prices and mortgage rates should move in a sideways fashion, meaning no significant changes are anticipated. By April 1, around 240 homes should close with prices right around the 250K mark. Our 2024 predictions for the Wicomico County housing market will be made known in the upcoming 2023 Year in Review.

*Based on information from the Coastal Association of Realtors^® for the period 10/1/23 through 12/31/23