Wicomico Home Sales Down Sharply in July, Prices Up

Salisbury MD Real Estate Sales Report for July 2023

July 2023 Salisbury MD Home Sales Statistics

In July 2023, the median single-family home sales price in the Salisbury MD area real estate market was $265,000. This was up 6% from the median sales price last June. There were 80 homesales, down 25% for the same month last year.

The average time on market was 1.1 months, up from 24 days in July 2022.

Currently, there are 1.5 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

July set a record for home prices in Wicomico County while sales for the month came in at their lowest since 2013. The reason? For starters, low home inventory means fewer sales will occur. Prices will naturally stay elevated when many buyers are pursuing the same limited choices. With mortgage rates exceeding 7% for the first time since November and the traditional sales season winding down, we don’t expect this dynamic to change any time soon.

Conclusions for Home Sellers in Wicomico County

Fed Chairman Jay Powell was quoted last summer saying that spiking mortgage rates would “reset” the “overheated” housing market. The results for Wicomico County? At the mid-point of 2023, home sales in the Salisbury MD area real estate market were down 21% on a yearly basis while prices were up 2%. Home prices in June set an all-time record.

The Fed’s goal has only been partially achieved (fewer sales through lower demand). The Fed may have not counted on the supply side of the equation being choked off to the degree it has. Many would-be sellers have opted to stay put to avoid a 7% mortgage while keeping what they have at around 3%. In short, the majority of home listings locally are of the “must sell” variety such as job relocations, estate sales, transitioning to senior housing, etc.

August 2023 Salisbury MD Real Estate Outlook

Our projection for July home sales proved to be on the money. September totals should come in at what may be another 10-year-low, or approximately 75 units closed. For pricing, a new record is a possibility. Check back in with us in 30 days.

*Based on information from the Coastal Association of Realtors^® for the period 7/1/23 through 7/31/23

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