Salisbury MD Real Estate Q1 2022 Sales Report
Q1 2022 Housing Statistics
For the period of January 1 through March 31 in the Salisbury MD real estate market there were 279 settlements on single family housing units, down 8% from this time last year. The median sales price was $235,000, up 18% over the same period.
Foreclosure and short sale properties accounted for 1% of single family home sales in the first quarter of 2022. This was down from 4% during the same period in 2021.*
Takeaways for Salisbury MD Area Home Buyers
Entering 2022, it was a forgone conclusion that mortgage rates would be on the rise and that has come to pass. Coupled with record high home prices and record low inventory as discussed in the March Sales Report, homebuyers in the Wicomico county real estate market are in a challenging position.
Takeaways for Salisbury MD Area Home Sellers
A string of record home sales dating back to mid-2020 has been broken, chiefly because of low inventory. Rising mortgage rates and high consumer inflation will price more buyers out of the market, eventually softening demand. This may prove to be the catalyst that puts some balance back into the Wicomico County housing market.
What Lies Ahead for the Wicomico County Real Estate Market?
Underestimating the inventory crunch, we were a bit overoptimistic on our Q1 projection. Area home sales remained very strong and produced the second best Q1 in history. This was runner up to a stellar first quarter of 2021. For April through June, we believe around 370 units will close. Prices should end up 10-15% higher than Q2 of 2021.
*Based on information from the Coastal Association of Realtors® for the period 1/1/22 through 3/31/22
Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2022