Salisbury MD Real Estate Sales Report for March 2023

March 2023 Salisbury MD Home Sales Statistics

In March 2023, the median single-family home sales price in the Salisbury MD area real estate market was $258,500. This was up 12% from the median sales price last March. There were 74 home sales, down 25% from the same month last year.

The average time on market was 22 days, down from 1.4 months in March 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

Persistent lack of supply is putting upward pressure on Salisbury MD area home prices. Available units in Wicomico County numbered just over 100 at the time of this writing. Now is the time of year when many buyers are looking (or begin looking again) after a fall/winter layoff. The supply crunch combined with record-high home prices and mortgage rates in the 6% range all make for a very challenging environment.

Conclusions for Home Sellers in Wicomico County

As mortgage rates rose throughout 2022, we were of the mind that multiple offers on homes would be a thing of the past. However, with so few homes for sale this spring such a scenario is becoming commonplace once again. While it remains a strong seller’s market, it’s not quite like 2021. Wicomico County home sellers will need to be a bit more even-keeled with home pricing and negotiations as a result.

April 2023 Salisbury MD Real Estate Outlook

Our March sales projection proved accurate. The median home sales price did increase a bit, but let’s not forget a single month doesn’t necessarily make a trend. For April, we’re expecting around 70 units to close. Tight inventory is certainly a trend, making for consistent sales numbers so far in 2023. Next week, we’ll publish the Q1 Housing Report.

*Based on information from the Coastal Association of Realtors^® for the period 3/1/23 through 3/31/23

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