Salisbury MD Real Estate Sales Report for August 2023

August 2023 Salisbury MD Home Sales Statistics

In August 2023, the median single-family home sales price in the Salisbury MD area real estate market was $265,000. This was down 2% from the median sales price last August. There were 93 home sales, down 18% for the same month last year.

The average time on market was 24 days, up from 22 days in August 2022.

Currently, there are 1.4 months of supply of homes in Wicomico County.* This is determined by how many homes are available divided by how many homes sold the previous month.

Conclusions for Wicomico County Home Buyers

Wicomico County home sales for August posted a nine-year low, while prices were just off the record set in August of 2022. Mortgage rates in the mid-7 % range have pushed more buyers to the sidelines, while home inventory is at its highest since February.

Conclusions for Home Sellers in Wicomico County

Despite higher mortgage rates and fewer buyers, homes are selling in the Salisbury MD area. That combined with stubbornly high prices and lingering consumer inflation have those buyers still in the market more payment-sensitive than ever. This makes an accurate list price a critical component of a successful transaction. Contact us for details on how we’ve been “threading the needle” for years.

September 2023 Salisbury MD Real Estate Outlook

August home sales proved to be stronger than anticipated, while pricing was in line with our projection. For September, we’re thinking 85-90 units will sell and a new record for prices is a possibility to finish out Q3.

*Based on information from the Coastal Association of Realtors^® for the period 8/1/23 through 8/31/23

Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2023