Salisbury MD Real Estate Sales Report for May 2024

May 2024 Salisbury MD Home Sales Statistics

In May 2024, the median single family home sales price in the Salisbury MD area real estate market was $276,000. This was up 8% from the median sales price last March. There were 88 home sales, down 21% from the same month last year.                               

The average time on market was 1.5 months, up from 1.1 months in May 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

As home prices continue to rise, area homebuyers are looking for relief in lower mortgage rates. However, a steady stream of negative inflation reports has the Federal Reserve pushing back the possibility of cuts in their Funds Rate to late this year, if at all. In fact, one Fed official recently mentioned the possibility of incremental rate hikes in the second half of this year. This was not widely reported in the MSM, likely out of fear of spooking the financial markets. 

Looking back at our predictions for 2024 in the 2023 Year in Review, it’s becoming clear that even our conservative position on Fed action this year was overly optimistic. That said, transaction volume for the remainder of the year in the Salisbury MD area real estate market will be significantly lower than previous estimates. As consumer inflation marches on, it’s difficult for home buyers to save for their down payment and closing costs. 

Our advice to our buyer clients is simple- buy the home you can afford now with the expectation that interest rates will drop at some point and provide an opportunity to refinance with a lower payment. When that happens, prices are certain to push higher and making affordability an even bigger challenge to those who wait. 

Conclusions for Home Sellers in Wicomico County

We’re seeing a distinction for days on market within Wicomico County. Homes listed over 450K are taking twice as long to go under contract on average versus homes listed under 450K. This makes sense in a high interest rate environment as there are simply far fewer buyers currently looking in the higher price points. In Chapter 5 of our new book, we cover the specifics of marketing a home in the “luxury market”. 

With buyers experiencing acute “rate sensitivity” in all segments of the market, the single most important factor in a successful home sale is an accurate list price. Our list to sell ratios are one of the highest in the area and the days on market one of the lowest, meaning we’re adept at “threading the needle” to get our seller clients maximum proceeds in a short period of time. 

June 2024 Salisbury MD Real Estate Outlook 

*Based on information from the Coastal Association of Realtors^® for the period 4/1/24 through 4/30/24

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