Q4 2024 Sales Report - Salisbury MD Real Estate

Q4 2024 Housing Statistics

For the period of October 1 through December 31 in Wicomico County, there were 257 settlements on single family housing units, up 5% from Q4 of 2023. The median sales price was $265,000, up 6% over the same period.                            

Foreclosure and short sale properties accounted for 2% of single-family home sales in the fourth quarter of 2024. This was down from 6% over the same period in 2023. *

Takeaways for Salisbury MD Area Home Buyers

Q4 home sales in the Salisbury MD area bounced back nicely, slightly exceeding our projection. Prices remained elevated because of low inventory while rates were in the mid to high 6% range for the quarter. Until mortgage rates drop, it will be a challenging market for Wicomico County homebuyers. Once they do, a likely benefit would be more homes for sale as lower interest rates will be the trigger for some homeowners to list their properties.

Takeaways for Salisbury MD Area Home Sellers

The bump in Wicomico County home sales in Q4 can be largely attributed to a strong December. Home sellers certainly learned the value of patience in the last three months of 2024. For reasons stated above, buyers remained cautious from the compound effect of near 7% mortgage rates and stubbornly high consumer inflation. In the end, Q4’s home stats looked very similar to the last three months of 2022, when the impact of Fed action in raising interest rates became obvious.

What Lies Ahead for the Wicomico County Real Estate Market?

With a new administration in the White House and a shift in the balance of power in Congress, government spending will be the leading indicator of inflation in the domestic economy. Some measure of austerity would encourage the Fed to cut rates faster and with more frequency. Eventually the 10-year bond would adjust, and mortgage rates would follow. We’ll give our 2025 projections in the upcoming 2024 Year in Review. For Q1, we expect around 235 units to close by April 1. If accurate, this would be the best start to a year since 2022.

*Based on information from the Coastal Association of Realtors® for the period 10/1/24 through 12/31/24

Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2025