Market Report for Ocean City, Delaware Beaches & Surrounding Areas - 12/28/2023

In this video, Ryan Haley brings to you the final real estate market report for Delmarva for 2023. Interest rates have hit another 7-month low, and we have added 35 new properties to choose from here in Worcester County. 

That plus the entire market report is coming your way next.

Worcester County Real Estate Market Report

Here in Worcester County in the last seven days, we have seen an uptick in new inventory. We had 35 properties come on the market, while in that same time, we had 17 go under contract. A little slower Christmas week here for new contracts in Worcester County. That gives us 449 properties countywide and 100 going under contract in the last 30 days with a 4.5-month supply.

Wicomico County Real Estate Market Report

Jumping over to Wicomico County, only 12 new listings in the last seven days, which is not too unexpected with the holiday, and 22 going under contract. So, almost double the properties going under contract as to what we saw come on the market in Wicomico. Currently, a 2.3-month supply in Wicomico County.

Sussex County Real Estate Market Report

Finishing up here on Delmarva with Sussex County, Delaware. In the last seven days, we had 44 new properties come on the market, while we once again almost doubled that as far as properties going under contract, with 84 new contracts here in the last seven days for Sussex County, Delaware. Countywide, we have a 4.1-month supply. That keeps coming down a little bit here, with 337 new properties going under contract in the last 30 days.

Mortgage Interest Rates

As I mentioned at the beginning here, we hit another seven-month low with our mortgage interest rates. Currently, the average is 6.61% for a 30-year fixed here throughout the country. So that's great news. We're continuing to see affordability improve as those interest rates have gone down. 

So that is it. That's a wrap on the market reports here for 2023. Hopefully, this information is helpful to you. Obviously, it's just a quick snapshot as to what we're seeing on Delmarva.

It's always my pleasure and our team's pleasure to answer any questions that you might have about specific areas. If you want us to break it down to the oceanfront, to the bayside, be happy to get into that for you. Once again, I thank you, thank you, thank you for all your business in ‘23. It truly means the world to me and to our team that you continue to support our business. Honestly, we would not be here if it wasn't for the continued support of our friends, family, and clients. 

So there you have it. Looking forward to turning the page in the calendar and fast-forwarding into 2024. We'll see you next week in the new year. Thanks again.

 

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