April 2023 Salisbury MD Home Sales Statistics

In April 2023, the median single-family home sales price in the Salisbury MD area real estate market was $255,000. This was down 5% from the median sales price last April. There were 92 homesales, down 30% on the same month last year.

The average time on market was 1.4 months, up from 24 days in April 2022.

Currently, there are 1.2 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 discussion in the March Sales Report, home inventory remains at around 100 units in Wicomico County. Salisbury MD area home buyers have grown accustomed to the idea of 6% mortgage rates as that’s what they’ll likely be facing for the remainder of the year. Unfortunately, there are far more buyers than there are available homes. The result is home prices maintaining their historical highs or even rising slightly as we saw in Q1.

Conclusions for Home Sellers in Wicomico County

The tailwinds Wicomico County home sellers have enjoyed since 2017 continue. At the same time, homes not priced correctly are sitting on the market. Reductions are far more common now than at the sales peak of 2021. Today’s buyer is much more payment sensitive because of higher mortgage rates and consumer inflation.

May 2023 Salisbury MD Real Estate Outlook

May home sales for the Salisbury MD area should come in around 90-95 units closed with a median price of around 260K. If this bears out, it would be comparable to last May. The first month of 100 units sold in 2023 is a possibility and would also be the first since September of last year.

*Based on information from the Coastal Association of Realtors^® for the period 4/1/23 through 4/30/23

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