Salisbury MD Real Estate Sales Report for December 2023

by Vision Realty Group

December 2023 Salisbury MD Home Sales Statistics

In December 2023, the median single family home sales price in the Salisbury MD area real estate market was $241,000. This was up 12% from the median sales price last December. There were 70 home sales, down 7% for the same month last year.

The average time on market was 1.9 months, up from 23 days in December 2022. Currently, there are 2.2 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

Despite mortgage rates sliding nearly 1.5 points since October, December home sales posted their lowest total for the month since December 2013 in the Salisbury MD area real estate market. Home inventory stayed consistent on a yearly basis, leaving consumer sentiment and consumer inflation as two key factors. Many buyers mistakenly believe home prices will fall in 2024 and are opting to play the waiting game.

Conclusions for Home Sellers in Wicomico County

Longer days on market for sold homes (almost two months) is a signal for Wicomico County home sellers that buyer urgency is significantly softer than this time last year. Slightly higher inventory also means more competition, making the home’s list price the most critical factor in a successful home sale.

January 2024 Salisbury MD Real Estate Outlook

We’re projecting 60-70 Wicomico County homes will close in January. Price should remain stable. Over the next two weeks, we’ll be publishing the Q4 Housing Report and 2023 Year in Review. Significant changes in the local housing market are expected in 2024, so stay tuned.

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