Salisbury MD Real Estate Sales Report for March 2024

March 2024 Salisbury MD Home Sales Statistics   In March 2024, the median single family home sales price in the Salisbury MD area real estate market was $263,000. This was up 3% from the median sales price last March. There were 78 home sales, unchanged from the same month last year.                               The average time on market was 1.3 months, down from 1.4 months in March 2023.  Currently, there are 1.8 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.     Conclusions for Wicomico County Home Buyers   The Salisbury MD area real estate market is moving “sideways”, nearly in lockstep with mortgage rates. The evidence of this comes from March home sales and prices year over year being nearly unchanged. Some economists were predicting Fed rate cuts for as early as March. This did not come to pass after a series of inflation reports were released that gave the Fed no reason to cut its Funds Rate just yet. The odds of a June rate cut that was previously widely expected keep shrinking as well. This means that today’s home buyer shouldn’t expect much relief in mortgage rates for the foreseeable future.     Conclusions for Home Sellers in Wicomico County Home inventory shrank a bit since the February Sales Report was published, meaning more competition for homes on the market in Wicomico County. An accurate list price remains a critical component to a successful home sale. With buyers facing high home prices, continued inflation, and elevated interest rates, we’re seeing more offers requesting closing cost assistance. Contact us for details on the strategies we use to help our seller clients to navigate the ever-changing real estate landscape.     April 2024 Salisbury MD Real Estate Outlook We nailed our March sales projection. For April, we’re expecting around 90 units to close by the end of the month. We may see a record for April home prices. Check in with us next week for the Q1 Housing Report.   *Based on information from the Coastal Association of Realtors® for the period 3/1/24 through 3/31/24   Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024

Salisbury MD Real Estate Sales Report for February 2024

Salisbury MD Real Estate Sales Report for February 2024   February 2024 Salisbury MD Home Sales Statistics In February 2024, the median single family home sales price in the Salisbury MD area real estate market was $277,000. This was up 11% from the median sales price last February. There were 68 home sales, down 4% from the same month last year. The average time on market was 2.4 months, unchanged from February 2023.  Currently, there are 2.7 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.   Conclusions for Wicomico County Home Consistently high interest rates are certainly keeping some would-be Salisbury MD area homebuyers on the sidelines. Home prices continuing their upward climb won’t be welcome news either. Reading between the lines, however, shows a trend of longer days on the market for homes and inventory pushing three months. This suggests that home sellers who either overpriced their homes or overestimated demand are being more flexible when negotiating.   Conclusions for Home Sellers in Wicomico County With the traditional “selling season” right around the corner, it’s imperative for Wicomico County property owners to price their homes correctly. Fewer buyers in the market means urgency is down. Payment sensitivity and high consumer inflation has those actively looking wanting the best value possible. A home priced within market expectations will not only sell for the most money, but in less time. Contact us for a no pressure conversation on our pricing philosophy and details on our 45 Step VRG Home Marketing Plan.    March 2024 Salisbury MD Real Estate Outlook Our February sales projection proved to be accurate, with prices coming in a bit higher than anticipated. March should have around 75-80 units sold to close out Q1. Prices could set a record for the month of March. Check back in with us in about 30 days. *Based on information from the Coastal Association of REALTORS® for the period 2/1/24 through 2/29/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024

Salisbury MD Real Estate Sales Report for January 2024

Salisbury MD Real Estate Sales Report for January 2024  January 2024 Salisbury MD Home Sales Statistics  In January 2024, the median single family home sales price in the Salisbury MD area real estate market was $258,000. This was up 15% from the median sales price last January. There were 65 home sales, unchanged from the same month last year.   The average time on market was 1.3 months, down from 1.4 months in January 2023. Currently, there are 2.7 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.   Conclusions for Wicomico County Home Buyers  With mortgage rates coming off their peak in October, more buyers have entered (or reentered) the market. Rising prices are the result. Home inventory remains tight (mostly for seasonal reasons) but is the highest we’ve seen since December of 2022.    Conclusions for Home Sellers in Wicomico County  Prospective home sellers in the Salisbury MD area who are planning to list soon should recognize buyer urgency may not be a strong now versus later this year. That said, an accurate list price ( is paramount to a successful home sale.  Consumer inflation and payment sensitivity has many buyers hesitant to jump at opportunities. Instead, a more cautious approach has been the rule of thumb for the last several months.   February 2024 Salisbury MD Real Estate Outlook  Our January projection proved to be spot on. For February, we’re expecting a near repeat with about 65 home sales in Wicomico County. Prices should come in around the 250K mark.   *Based on information from the Coastal Association of REALTORS® for the period 1/1/24 through 1/31/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024    

Salisbury MD Real Estate 2023 Year in Review

Salisbury MD Area Home Sales in 2023 There were 1023 home sales in Wicomico County in 2023, down 19% from 2022. The median sales price was $256,000, up 2.4% over the same period.* This was the lowest number of homes sold in Wicomico County since 2014. Home prices set a record, however.  Area home sales are down 34% since the end of 2021.              The average time on market for properties sold in the Salisbury MD real estate market last year was 1.3 months. Foreclosures and short sale properties accounted for 4% of residential sales in 2023, up from 3% in 2022.   Salisbury MD Area Home Buyers in 2023 Mortgage rates began the year in the mid-6% range (where they stand at the time of this writing) By October, they were nearing the 8% mark, putting a huge dent in Salisbury MD area home sales. Home inventory remained near record lows. We went into detail on the inventory issue in the Q4 Housing Report. A shortage of homes for sale was also a result of high interest rates pushing prices up throughout the year.  Price increases were much more moderate than what we saw in 2020 and 2021.   Salisbury MD Area Home Sellers in 2023 High mortgage rates in 2023 meant many area homeowners who wanted to move decided to stay put. Those who were casually considering an extra bedroom, larger yard, change of scenery, etc. simply were not willing to trade in a sub 3% mortgage for one 2x-3x that as noted above. Homeowners in the Salisbury MD area who did decide to move benefited from historic prices and a less chaotic market yet still sold in a favorable time frame of about 5 weeks on average. Home sales that took significantly longer typically happened after one or more price reductions when the seller learned that this was no longer 2021.   What Can the Wicomico County Housing Market Expect in 2024? For 2024, we believe home prices in the Salisbury MD area will rise around 5% and home sales increase approximately 15%. If correct, market conditions will resemble what we saw in 2019 by January 1. Factors we’ll be monitoring include-   Fed Meetings We have the dates circled on our calendar. Some Fed watchers are counting on up to six rate cuts this year. We have a more conservative take, predicting 3-4 rate cuts with the first being after the June FOMC meeting. Unknown to most of the public, mortgage rates have slowly trended lower since reaching a peak in October. Should the Fed cut its Fund’s Rate multiple times in 2024 as expected, mortgage rates may be in the 5’s by year’s end. The Possibility of a Recession The lingering effects of inflation and a softening labor market are indicators that a mild recession may be on the horizon, likely in the second half of the year. Should this come to pass, Fed rate cuts are a near certainty. Instability in the Midde East The war between Israel and Hamas/Hezbollah could easily expand to surrounding areas. American involvement is increasing as well. Widespread military action in the region could disrupt oil production and distribution, causing price spikes in the oil market. This scenario would have significant ripple effects throughout the U.S. economy.   *Based on information from the Coastal Association of Realtors® for the period 1/1/23 through 12/31/23 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2024