Salisbury MD Real Estate Sales Report for November 2022
November 2022 Salisbury MD Home Sales Statistics
In November 2022, the median single-family home sales price in the Salisbury MD area real estate market was $240,000. This was up 12% from the median sales price last November. There were 85 home sales, down 34% from the same month last year.
The average time on market was 1.1 months, up from 22 days in November 2021.
Currently, there are 1.8 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 trend of year-over-year home price increases and declining sales continues. There may be a silver lining for Wicomico County home buyers. Mortgage rates have dropped by a full percent over the last week. Some economists are predicting rates for home loans will be in the mid-5% range during Q1 of 2023. The median sales price posted in November was the lowest since March. After three consecutive months of this stat declining, it’s a sign that home price stabilization is now here in the local real estate market.
Conclusions for Home Sellers in Wicomico County
Because of the seasonal nature of the Wicomico County housing market, we don’t expect a flood of buyers to jump back in after the recent moderate decline in mortgage rates. Home sellers would be wise to use the data in hand for home pricing and not speculate on what’s to come over the next 30-90 days. With fewer buyers in the market now than at any time over the last 12 months, a comprehensive home marketing plan can provide a competitive advantage. Contact us for details.
December 2022 Salisbury MD Real Estate Outlook
Our November projection was reasonably close. For December, we’re expecting around 80-85 units to sell in Wicomico County to close out 2022. If accurate, this would be the lowest home sales total for December in four years. Check back in with us next month for the December Home Sales Report, The Q4 Housing Report and the 2022 Year in Review for Salisbury MD area real estate. Merry Christmas to all!
*Based on information from the Coastal Association of Realtors® for the period 11/1/22 through 11/30/22
Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2022