Market Update for Worcester, Wicomico, and Sussex Counties - 12/13/2023

Ryan Haley is coming to you with another real estate market report in December. 

There’s big news - interest rates have gone below 7%. We are at 6.82%. Just got the update here a few minutes ago, so that is big news for the 30-year fixed rate. It's the lowest interest rate that we've had, probably back till the beginning of last summer. And at the same time, we've added some inventory.

So, mortgage rates, just real quick: 30-year today is at 6.82%, 15-year is at 6.29%, and FHA at 6.25%. 

Worcester County Market Update

So, in Worcester County for the last 7 days, we have added inventory: 47 new listings, while we had 22 go under contract here in the last 7 days. Countywide: 456 actives, while we had 109 go under contract in the last 30 days. That gives us a 4.2-month supply in Worcester County. 

Wicomico County Market Update

In Wicomico, it is pretty similar: 29 new listings here in the last 7 days, and we had 21 go under contract. There are184 countywide, while we had 84 go under contract in the last 30 days. That gives us a 2.2 months’ supply in Wicomico County.

Sussex County Market Update

And then rounding out Delmarva. Sussex County is a little bit different. We've actually added less inventory and sold more in the last 7 days. There were 44 new listings hitting the market, while we had 59 go under contract. And then countywide: 1,419 total actives as of today, and 398 sold in the last 30 days. That gives us a 3.6-month supply in Sussex County. That number's been coming down a little bit there.

So the big topic, once again, is mortgage rates under 7. 7% at 6.82% as of today. 

If you like this information, please share it with your friends. If there's anything I can do to answer any specific questions about specific areas in our market, please feel free to reach out. Otherwise, we'll see you again here next week with another real estate market report.


Post a Comment