Local Housing Market Statistics for Wicomico County, Maryland
These statistics are shared with us by BrightMLS and the Coastal Association of Realtors.
As we all know, the real estate market is cooling from the unprecedented Covid housing boom. However, although there is uncertainty among many consumers, we are likely moving toward a very “normal” market, and the market that we would have had if Covid had never happened. Although our sales and listings are down from the previous year, keep in mind that the previous years have been falsely inflated. Overall, our market is moving in a healthy direction. Our median sales price in Wicomico County increased 14% in 2022, showing that values are still rising at a normal rate. Our Average DOM (Days on Market) continues to be historically low, hovering around 30 days. Remember when we expected homes to take six months to sell?
Sales are down, but inventory is also down. There is buyer demand out there, and we hope to see inventory loosen up this year to accommodate it. Although interest rates are higher than they were last year, they are still very attractive, and we expect to see them continue to decline over the first quarters of 2023. Many mortgage companies are offering free refinances if the rate drops significantly, so it’s a win-win situation for buyers lucky enough to secure the home they wish to purchase.