Salisbury MD Real Estate Sales Report for March 2024

March 2024 Salisbury MD Home Sales Statistics

In March 2024, the median single family home sales price in the Salisbury MD area real estate market was $263,000. This was up 3% from the median sales price last March. There were 78 home sales, unchanged from the same month last year.                              

The average time on market was 1.3 months, down from 1.4 months in March 2023.  Currently, there are 1.8 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

The Salisbury MD area real estate market is moving “sideways”, nearly in lockstep with mortgage rates. The evidence of this comes from March home sales and prices year over year being nearly unchanged. Some economists were predicting Fed rate cuts for as early as March. This did not come to pass after a series of inflation reports were released that gave the Fed no reason to cut its Funds Rate just yet. The odds of a June rate cut that was previously widely expected keep shrinking as well. This means that today’s home buyer shouldn’t expect much relief in mortgage rates for the foreseeable future.

Conclusions for Home Sellers in Wicomico County

Home inventory shrank a bit since the February Sales Report was published, meaning more competition for homes on the market in Wicomico County. An accurate list price remains a critical component to a successful home sale. With buyers facing high home prices, continued inflation, and elevated interest rates, we’re seeing more offers requesting closing cost assistance. Contact us for details on the strategies we use to help our seller clients to navigate the ever-changing real estate landscape.

April 2024 Salisbury MD Real Estate Outlook

We nailed our March sales projection. For April, we’re expecting around 90 units to close by the end of the month. We may see a record for April home prices. Check in with us next week for the Q1 Housing Report.

*Based on information from the Coastal Association of Realtors^® for the period 3/1/24 through 3/31/24

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