Salisbury MD Real Estate Sales Report for April 2024

April 2024 Salisbury MD Home Sales Statistics 

In April 2024, the median single family home sales price in the Salisbury MD area real estate market was $275,000. This was up 9% from the median sales price last March. There were 97 home sales, down 2% from the same month last year.     

The average time on market was 1.6 months, up from 1.4 months in April 2023.  Currently, there are 1.6 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month. 

Conclusions for Wicomico County Home Buyers 

Outside of a significant bump in home prices, market conditions look remarkably like this time last year. Mortgage rates are currently at a high for 2024. When coupled with stubbornly high consumer inflation, today’s homebuyer in the Salisbury MD area has a tough hill to climb from an affordability standpoint. High mortgage rates have put a lid on inventory as many Wicomico County homeowners are staying put unless there is an undeniable need to do so. This has kept demand solid and explains the increase in home prices we’ve seen since early 2022. Details are in the Q1 Housing Report.

Conclusions for Home Sellers in Wicomico County

Now that the spring market is in full swing, Salisbury MD area homeowners seriously thinking of selling need to walk the tightrope between pricing their homes too low (and giving away hard-earned equity) and pricing too high, which inevitably results in a lack of showings and no offers. Contact us for a no pressure conversation about our pricing strategies. After all, we literally wrote the book on the subject.  

April 2024 Salisbury MD Real Estate Outlook 

Our April projection came in slightly lower than anticipated. May home sales totals should be similar, with our first 100+ sales month since June of last year being a real possibility. The median price should come in around 265K for a Wicomico County home when the calendar turns its next page.  

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

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