Salisbury MD Real Estate in May 2021
May 2021 Salisbury MD Home Sales Statistics
In May 2021, the median single family home sales price in the Salisbury MD area real estate market was $209,000. This was up 7% from the median sales price last May. There were 141 home sales, up 55% from last May.
The average time on market was 1.3 months, down from 2.3 months for home sales in the Salisbury MD area last May.
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
The white hot housing market in Wicomico County just keeps rolling. May home sales easily broke the previous record set in 2017. With median local home prices consistently exceeding 200K, some home buyers are being pushed out of the market while others have had to lower their expectations.
New construction has been an attractive option for many up through early this year. As lumber and other material prices climbed to record highs, demand has softened. This has placed upward pressure on prices for existing homes.
Conclusions for Home Sellers in Wicomico County
Home sellers in Wicomico County are enjoying market conditions that may not be seen again for decades. An uptick in low appraisals has been noted however, with more homes coming back on the market. We’ve nearly perfected the art and science of home pricing in the Salisbury MD area. By staying on the “edge of the curve”, our clients are maximizing proceeds while seeing favorable appraisals.
June 2021 Salisbury MD Real Estate Outlook
Our May projection for Wicomico home sales was close but short. June home sales have an outside shot of approaching the all-time record for any month. An all-time record quarter is nearly certainty for Q2 of 2021. That report will be published in mid-July so check back in with us.
*Based on information from the Coastal Association of Realtors® for the period 5/1/21 through 5/31/21
Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2021