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Wicomico Home Prices Up 11% in Fourth Quarter

Q4 2019 Housing Statistics for the Salisbury MD Area                  

For the period of October 1 through December 31, 2019, there were 279 settlements on single family housing units in the Salisbury MD area and Wicomico County, down 10% from this time last year. Salisbury MD Real Estate and Homes for Sale

The median sales price was $176,900, up 11% over the same period. Q4 home inventory in the Salisbury MD area year over year was down 14%.

Foreclosure and short sale properties accounted for 12% of single family home sales in the fourth quarter of 2019, down from 15% during the same period in 2018. *

 

Takeaways for Salisbury MD Area Home Buyers

Increasing home prices in Wicomico County shouldn’t be taken lightly by today’s homebuyers. Price appreciation of 11% in Q4 was not a “one-off” and remained consistent with what we’ve witnessed all year. Also of note is the correlation between the decrease of home sales in Q4 on a yearly basis and the decline in housing inventory in the Salisbury MD area over the same period. Attractive mortgage rates remain a bright spot but they really have nowhere to go but up.

 

Takeaways for Salisbury MD Area Home Sellers

Wicomico County homeowners planning to sell in early 2020 certainly have the wind at their backs, with less competition and rising home prices in the Salisbury MD area. For those wanting to sell in the very short term, understanding the nuances of listing a home in the wintertime, its marketing and buyer psychology are imperative to a smooth and successful transactionContact us for a no obligation, straightforward conversation on prepping your for sale and learn what it may sell for in today’s market.

 

What Lies Ahead for the Salisbury MD Area Real Estate Market?

Our Q4 Salisbury MD area home sales projection turned out to be spot on, nearly to the unit. Accounting for strong buyer demand for Wicomico County homes, we are also cognizant of the lack of supply as discussed in the December Home Sales Report. That said, Q1 home sales should come in around 230 units closed by April 1. Check back in with us next week for the 2019 Year in Review!

*Based on information from the Coastal Association of Realtors® for the period 10/1/19 through 12/31/19

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020

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