Salisbury MD Real Estate Sales Report for June 2024

June 2024 Salisbury MD Home Sales Statistics

In June 2024, the median single family home sales price in the Salisbury MD area real estate market was $265,000. This was down 7% from the median sales price last June. There were 108 home sales, up 7% from the same month last year.

The average time on market was 1.2 months, up from 1.1 months in June 2023. Currently, there are 1.5 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

For the first time since August of 2023, Salisbury MD area home prices fell on yearly basis month over month. As we’ve mentioned many times in the past, one month does not make a trend. It also wasn’t a complete surprise with last June setting a record for area home prices. The overall trend in the local housing market is for stable home prices and steady home sales in Wicomico County. We discussed this in detail in both the April Sales Report and Q1 Housing Report.

A softening labor market and a mixed bag of inflation reports have some economists predicting a Fed Rate cut after the FOMC meeting in mid-September and a second after their meeting in mid-December. Based on current information, it’s our belief there may be a single rate cut after the November Fed meeting, if at all. Any relief in mortgage rates to area homebuyers may be short lived, however. Lower borrowing costs will mean more buyers in the local housing market, inevitably putting upward pressure on home prices.

Conclusions for Home Sellers in Wicomico County

We clearly remain in a sellers’ market in Wicomico County and will remain so for the next year and likely beyond. Reaching what may be a “home price plateau” (as data research for future posts suggests), Salisbury MD area home sellers would be wise to pay extra attention to their home’s price. Continued consumer inflation and mortgage rates near 7% have many buyers on edge regarding their future house payment. The result is overpriced homes are not moving. Chapter 4 of our new book (free and no shipping fee) goes into great detail on this subject. Contact us for a zero pressure, confidential conversation on the market value of your home.

July 2024 Salisbury MD Real Estate Outlook

Our June sales projection proved to be accurate. July should produce similar sales totals with 100-110 units closed expected by the end of the month. Be on the lookout for the Q2 Housing Report and the Mid-Year Update over the next couple weeks, where we’ll have some interesting data to share.

*Based on information from the Coastal Association of REALTORS® for the period 6/1/24 through 6/30/24

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