Salisbury MD Real Estate Sales Report for September 2024

Conclusions for Wicomico County Home Buyers

Wicomico County home buyers waiting for a significant drop in mortgage rates may need to wait a bit longer. After last week’s surprising jobs report, mortgage rates rose slightly. We discussed the Fed decision in the August Sales Report. To recap, the markets were certain a rate cut was coming from the Fed and priced it in accordingly before the decision was announced. The next FOMC meeting is in November, just after the 2024 election. With home inventory at a high for the year (both in units and months of supply), buyers have an opportunity now to negotiate their home purchase with less competition.

Conclusions for Home Sellers in Wicomico County 

A recently published article stated that pending home sales nationwide are at their lowest level since the pandemic of 2020. Further evidence of the shift in the market came from the National Association of REALTORS last week claiming that seasonally adjusted homes sales will be at 3.86M by the end of the year. This will be the lowest total since 1994, when the U.S. had 60 million fewer residents.For perspective, 6.12M homes sold in 2021. An accurate list price is the most important part of a successful home sale. This is more critical now than it has been the last decade. Contact us for details on our pricing strategies and Marketing Plan.

October 2024 Salisbury MD Real Estate Outlook 

Our September sales projection proved spot-on. October should look very similar with about 75 home sales expected in Wicomico County. All eyes remain on the economy, election and the Middle East as factors shaping the local housing market for the short term. Next week, we’ll publish the Q3 Housing Report.

*Based on information from the Coastal Association of REALTORS® for the period 8/1/24 through 8/31/24

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