MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET The trend of rising prices finally broke in July although any significant correction is unexpected. Homes sales continue to be off the pace of 2022, but the underlying demand from buyers is still there, even in the face of sustained mortgage interest rates over 7%. All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 7/31/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
AVERAGE SOLD PRICE Average month-over-month pricing in our area finally declined.
July is the first month in 2023 that did not show increased average pricing. This might be a sign of stabilization as a steeper decline is not expected. While pricing is up on average this year, this looks a bit different by county. The continued average increase in 2023 has been driven by Sussex, Worcester and Wicomico counties. Dorchester and Somerset have actually been fairly stable for the last 12 – 18 months.
Year-Over-Year gains in pricing are more modest for most of the counties. When comparing average home prices (sold fee simple) in the 2nd Quarter of 2023 to sales from 2nd Quarter 2022…
Sussex increased 2.9% $575,715 to $592,565 Worcester increased 2.5% $461,626 to $473,294 Dorchester increased 4.3% $293,045 to $305,608 Wicomico increased 1.2% $286,665 to $290,169 Somerset remained the same $232,203 to $232,330
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