August 2024 Salisbury MD Home Sales Statistics

In August 2024, the median single family home sales price in the Salisbury MD area real estate market was $265,000, unchanged from the median sales price last August. There were 89 home sales, down 8% from the same month last year.                 

The average time on market was 1.3 months, up from 24 days in August 2023.  Currently, there are 2.1 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.

Homes Sold in Wicomico County August 2024 

Conclusions for Wicomico County Home Buyers 

The recent 50 BPS rate cut by the Federal Reserve was big news in financial markets. The consensus was for a 25 BPS cut, which was likely “baked in” to current mortgage rates. Salisbury MD area homebuyers would be wise to watch for rate movement in the coming weeks.

What else did we learn about the Fed decision? The main thrust for the half percent cut is that the Fed lacks confidence in the economy as the last two Funds rate cuts of this magnitude immediately preceded a recession. In short, the direction of the economy could be good news for home buyers in terms of affordability, at least in the short term.

Conclusions for Home Sellers in Wicomico County

With interest rates moderating, buyer demand will increase. Longer term, upward pressure on home prices is inevitable if mortgage rates trend down throughout next year. Year to date, the median sales price of a home in Wicomico County is up only 2% (less than the rate of inflation) from the same period in 2023.

Several more Fed rate cuts will bring more balance to the market in terms of “latent inventory” as there are many would be home sellers who would make a move with mortgage rates near 5% but not at 7 or 8%. More supply would partially offset the increase in home prices. Contact us for a detailed conversation on the specifics of your situation.

September 2024 Salisbury MD Real Estate Outlook 

August home sales came in slightly higher than expected. September should be comparable to September of last year, with about 75-80 units sold to close out Q3. Payroll and jobs reports to be released on October 3^rd and 4^th will provide additional guidance on the direction of the economy and housing markets both nationally and locally.

*Based on information from the Coastal Association of Realtors^® for the period 8/1/24 through 8/31/24

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