Salisbury MD Real Estate 2024 Year in Review

Salisbury MD Area Home Sales in 2024 

There were 1074 home sales in Wicomico County in 2024, up 5% from 2023. The median sales price was $265,000, up 4% over the same period.*

 Setting aside 2023, this was the lowest number of home sales since 2015.  

The average time on market for properties sold in the Salisbury MD real estate market last year was 1.5 months. Foreclosures and short sale properties accounted for 3% of residential sales in 2024, down from 4% in 2023.

Salisbury MD Area Home Buyers in 2024 

As a result of stubbornly high inflation, the Federal Reserve did not act as many experts were projecting 12 months ago. Their three rate cuts did little to influence mortgage rates which averaged around 6.75% for 2024, only slightly lower than 2023. Home prices were at a record high once again in Wicomico County, hampering any significant rebound. More of the same is likely for Salisbury MD area homebuyers, at least for the first half of 2025.

Salisbury MD Area Home Sellers in 2024

Salisbury MD area home sellers learned to adjust to longer days on market, fewer showings/offers and more determined buyers when negotiating. Much like 2023, many Wicomico County homeowners who listed their properties were doing so because of major life changes such as death, divorce, job transfers, assisted living, empty nests, etc. Nationwide, 77% of homes sold last year did not have children under 18 residing in them. One in four homes sold were paid for in cash, an all-time high, only 24% of homes sold were purchased by first time buyers, an all-time low.

What Can the Wicomico County Housing Market Expect in 2025? 

Looking back to this time last year, we were correct on Salisbury MD area home prices but missed the mark on sales. We’re expecting Wicomico County home sales to increase by 10% in 2025, with prices up another 5-8%. With the GOP in charge of both chambers in Congress and the White House, a bold agenda has been announced regarding Federal spending, which is the root cause of inflation. Should they follow through on some of their promises, mortgage rates may be in the high 5% range by year’s end. We believe a scenario like this would ignite the Wicomico County housing market into 2026-2027. The administration’s actions on domestic energy production, Middle East policies, their promises of smaller budget deficits and a pro-business agenda would all be factors shaping the local housing market in 2025.

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

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