MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET Despite rising inventory, prices continue to march higher. Demand shows no signs of slowing down even in the face of stubborn interest rates, so we are poised for an interesting summer ahead.
All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 5/31/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
AVERAGE SOLD PRICE Average pricing in our area is up for the 6th consecutive month.
Remarkably, the average price YTD is up 55% compared to the same period in 2018. Worcester, Wicomico and Dorchester saw gains on average in pricing. The average price in Dorchester soared in May spurred by a few luxury waterfront sales. Sussex and Somerset saw declines, but fairly small and not enough to shift the overall market trend.
# OF HOMES SOLD
May sales rebounded after a fairly weak April with a similar number of homes sold to May'22. Overall, 2023 is still off the pace of 2022 by about 25%
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