Salisbury MD Real Estate Q3 2021 Sales Report
Q3 2021 Housing Statistics
For the period of July 1 through September 30, 2021 in Salisbury MD area real estate, there were 411 settlements on single family housing units, up 6% from this time last year. The median sales price was $235,000, up 19% over the same period.
Takeaways for Salisbury MD Area Home Buyers
The record for Wicomico County home sales set in Q2 of this year didn’t hold up for long as Q3 exceeded it by five units. A record July and August was followed up by a near record September. The latter posted an all-time high for home prices. Mortgage rates remained steady and near historic lows which fueled the strong demand. The local housing market has produced records for the last four consecutive quarters.
Takeaways for Salisbury MD Area Home Sellers
Home sellers in Wicomico County have obviously benefitted greatly from the best market conditions ever seen. With 13 consecutive months of year over year price increases, the question for many thinking of selling is “when will the market shift?” Nobody knows the exact answer but there indications it may be soon in the form of supply chain disruptions, historic printing of money (inflation) and recent lackluster jobs reports.
What Lies Ahead for the Wicomico County Real Estate Market?
We see some signs of seasonal normalcy returning that weren’t there in Q4 of 2020. For October-December, we’re expecting similar sales totals to finish out the best year in history for the Salisbury MD area real estate market. Something as large and complex as a housing market that encompasses 400 square miles doesn’t turn on a dime and certainly hasn’t “run out of gas”. However, we do believe a significant shift is in store for the latter half of next year. More to come on that in the Q4 housing report and 2021 Year in Review to be published in January.
*Based on information from the Coastal Association of Realtors® for the period 7/1/21 through 9/30/21
Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2021