Salisbury MD Real Estate Sales Report for October 2024

October 2024 Salisbury MD Home Sales Statistics

In October 2024, the median single family home sales price in the Salisbury MD area real estate market was $290,000, up 2% from the median sales price last October. There were 79 home sales, down 2% from the same month last year.                              

The average time on market was 1.2 months, up from 1 month in October 2023.  Currently, there are 2.8 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.

Homes Sold in Wicomico County October 2024

Conclusions for Wicomico County Home Buyers

Many prospective Salisbury MD area home buyers have chosen to stay on the sidelines, waiting on 1) the election (which is now over), 2) lower interest rates (which are pushing 7% again) and 3) spring (when more inventory typically becomes available and the school year is wrapping up). 

We see some potentially flawed logic in this reasoning. First, markets will do what they’re going to do, regardless of who occupies the White House or controls Congress. That said, policy does matter and can greatly influence the direction the Wicomico real estate (and other markets) will go. It’s certainly understandable if a buyer is concerned about their employment situation and chooses to wait to purchase. 

Secondly, there IS a strong probability of several Fed rate cuts in 2025, with mortgage rates expected to follow suit. However, this would put more buyers in the market, increase demand and push up home prices. Any savings in borrowing costs could easily be eroded in this scenario. Plus, those who purchase in the short term will lock in a lower price and begin building equity sooner with the high probability of an opportunity to refinance later. 

Third, current market conditions suggest that buyers who purchase now may have an advantage over those who wait. Certainly, there is less competition, meaning sellers will generally be more negotiable on price and repairs. Too, inventory is currently at a high for the year (actually dating back to pre-pandemic levels) Nobody knows how many homes for sale there will be in Wicomico County four to six months from now, but we’re expecting demand to be higher then versus now. 

Conclusions for Home Sellers in Wicomico County

The trend of slower market conditions that began around mid-year has continued past Q3. It’s not that the Wicomico County housing market is “bad” per se’, it’s simply not as robust as many had grown accustomed to. Election aside, the seasonality of the market appears to have returned after a hiatus from 2020-2022. Typically, Q2 will have the most home sales in the Salisbury MD area with Q3 not far behind. We went into detail on this in the Q3 Housing Report and the September Sales Report.

November 2024 Salisbury MD Real Estate Outlook

As expected, the Federal Reserve cut its funds rate by 25 bps on Nov. 7. We will be watching closely to see if mortgage rates do the same. Our October projection proved to be accurate. November should end up with around 80 units closed by Thanksgiving weekend and home prices similar to October. 

*Based on information from the Coastal Association of Realtors^® for the period 10/1/24 through 10/31/24

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