Salisbury MD Real Estate Sales Report for July 2024

July 2024 Salisbury MD Home Sales Statistics

In July 2024, the median single family home sales price in the Salisbury MD area real estate market was $270,000. This was up 2% from the median sales price last July. There were 111 home sales, up 39% from the same month last year.

The average time on market was 1.3 months, up from 1.1 months in July 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.

Homes Sold in Wicomico County July 2024

Conclusions for Wicomico County Home Buyers

It appears June home prices dropping in Wicomico County were an anomaly, especially when considered against the data from Q2 and January-July. While it didn’t impact July home sales, the dismal jobs report for last month released on August 2^nd triggered a massive sell-off on Wall Street, pushing down mortgage rates to a low for the year.

Subsequent positive inflation reports have many economists predicting a 100% probability of the Federal Reserve cutting its funds rate by .25% after their next meeting on September 17-18. A few are projecting a .5% rate cut, which we believe to be highly unlikely. Any downward pressure on mortgage rates is welcomed by local home buyers, regardless of the catalyst behind it.

Conclusions for Home Sellers in Wicomico County

Imminent action by the Fed would be good news for Salisbury MD area home sellers as well. Not only would their next home be more affordable, but additional inventory should also open with any significant reduction in mortgage rates. There are scores of local would-be sellers just waiting for their move to make financial sense. For those curious about their equity position, contact us for a no obligation, zero pressure conversation about the value of your home.

August 2024 Salisbury MD Real Estate Outlook

After nailing our July projection, we’re expecting August to be much slower to the tune of around 80 units closed before Labor Day weekend. Should this prove to be accurate, it would be the lowest sales total for the month since August of 2013. 

*Based on information from the Coastal Association of Realtors^® for the period 7/1/24 through 7/31/24

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