Salisbury leads in commercial property value growth statewide

SALISBURY, Md. – There’s some good news for the Salisbury area going into the New Year. They lead in commercial property value growth statewide.

Maryland’s State Department of Assessment and Taxation has released their latest assessment of residential and commercial properties. Their results show that parts of Wicomico County have seen a 30.9% increase. That’s in comparison to the statewide average of almost 13%.

The assessment included a third of Wicomico County, including Salisbury and Fruitland. According to SDAT, overall high sales prices and lower vacancies led to the dramatic rise in commercial property values.

Mayor Jake Day says this is the best they’ve seen since the 2007 inflation before the market crash in 2008. “Your property is worth more today than we thought it was worth yesterday and that’s a good thing because our property values go up and our entire economy continues to rise,” Mayor Day tells us.

We’re told as the numbers continue to increase, they don’t want to overbuild and want to stay in line with the market. They hope to add more residential areas as well, Mayor Day adds right now there’s not enough housing available.