Salisbury MD Real Estate Sales Report for February 2024

Salisbury MD Real Estate Sales Report for February 2024

February 2024 Salisbury MD Home Sales Statistics

In February 2024, the median single family home sales price in the Salisbury MD area real estate market was $277,000. This was up 11% from the median sales price last February. There were 68 home sales, down 4% from the same month last year.

The average time on market was 2.4 months, unchanged from February 2023.  Currently, there are 2.7 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

Consistently high interest rates are certainly keeping some would-be Salisbury MD area homebuyers on the sidelines. Home prices continuing their upward climb won’t be welcome news either. Reading between the lines, however, shows a trend of longer days on the market for homes and inventory pushing three months. This suggests that home sellers who either overpriced their homes or overestimated demand are being more flexible when negotiating.

Conclusions for Home Sellers in Wicomico County

With the traditional “selling season” right around the corner, it’s imperative for Wicomico County property owners to price their homes correctly. Fewer buyers in the market means urgency is down. Payment sensitivity and high consumer inflation has those actively looking wanting the best value possible. A home priced within market expectations will not only sell for the most money, but in less time. Contact us for a no pressure conversation on our pricing philosophy and details on our 45 Step VRG Home Marketing Plan. 

March 2024 Salisbury MD Real Estate Outlook

Our February sales projection proved to be accurate, with prices coming in a bit higher than anticipated. March should have around 75-80 units sold to close out Q1. Prices could set a record for the month of March. Check back in with us in about 30 days.

*Based on information from the Coastal Association of REALTORS® for the period 2/1/24 through 2/29/24

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