Salisbury MD Real Estate Sales Report for February 2023

February 2023 Salisbury MD Home Sales Statistics

In February 2023, the median single-family home sales price in the Salisbury MD area real estate market was $242,500. This was down 2% from the median sales price last February. There were 71 home sales, down 19% from the same month last year.

The average time on market was 2.4 months, up from 1.6 months in February 2022.

Currently, there are 2.0 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

After a third consecutive month of stable home prices in Wicomico County, buyers can take some comfort that double-digit gains are in the rearview mirror. However, troubling economic reports regarding inflation has the Fed set to increase interest rates possibly three more times this year. This would be reflected by increasing mortgage rates which are once again pushing the 7% mark. When coupled with extremely low home inventory in the Salisbury MD area real estate market and prices at historic highs, it makes for a very challenging scenario for today’s homebuyer.

Conclusions for Home Sellers in Wicomico County

Wicomico County homeowners planning to move in the next few months can expect a sellers’ market with little competition from their neighbors. High home prices and spiking mortgage rates will certainly mean fewer buyers but that also means fewer would-be sellers will not be trading a sub-3 % mortgage for one at twice the rate unless they absolutely must. This in effect will mean the supply/demand dynamic we’ve seen for the last several years will not change appreciably any time soon. We went more in-depth on the housing supply crunch in the Q3 of 2022 Housing Report.

March 2023 Salisbury MD Real Estate Outlook

After underestimating the February home sales totals, we’re projecting around 65-70 homes will close in the Salisbury MD area to close out Q1. If this proves correct, it will be on par with March home sales from 2012-2014 but at significantly higher prices.

*Based on information from the Coastal Association of Realtors^® for the period 2/1/23 through 2/28/23

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