Salisbury MD Real Estate Sales Report for May 2023
May 2023 Salisbury MD Home Sales Statistics
In May 2023, the median single-family home sales price in the Salisbury MD area real estate market was $255,000. This was up 5% from the median sales price last May. There were 109 home sales, up 7% from the same month last year.
The average time on market was 1.1 months, up from 12 days in May 2022.
Currently, there is a one-month 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
Mortgage rates well into the 6%-7% range didn’t dissuade Salisbury MD area home buyers from closing on over 100 homes in a month for the first time since September of 2022. Record low home inventory coupled with solid demand kept prices elevated and in line with March and April.
Conclusions for Home Sellers in Wicomico County
Wicomico County homeowners looking to sell clearly have the data on their side. Homes priced correctly in Wicomico County will not only sell quickly but frequently after multiple offers. This scenario is most prevalent for listings priced under 500K.
June 2023 Salisbury MD Real Estate Outlook
After an accurate projection for May, we’re expecting 95-100 homes to sell in June to close out the second quarter. A significant increase in prices is a strong possibility. Next week, the Fed (FOMC) will meet to discuss raising the Funds Rate or pause. Stay tuned for the Q2 Housing Report and Mid-Year Update over the next several weeks.
*Based on information from Coastal REALTORS® for the period 5/1/23 through 5/31/23
Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2023