Real Estate Market Report for Delmarva August 1, 2023

Ryan Haley is back with the real estate market report for Delmarva for August 1st, 2023.

So, what's going on with the real estate market report here in the last seven days?

Worcester, MD Market Update

In Worcester County, we have seen 73 new active listings, while at the same time, we had 69 properties go under contract. County-wide, 1.8 months’ supply, with 336 total actives. Meanwhile, in the last 30 days, we had 189 properties go under contract.

Sussex County, DE Market Update

In Sussex County, Delaware, we have seen 136 new listings come on in the last seven days, while we outsold that number with 157 going under contract. County-wide, we currently have just over 1,300 properties for sale, and 433 have gone under contract in the last 30 days, giving us a three-month supply. Keep in mind, it's Sussex County, Delaware, and we have a lot of new construction action. So, around 500 of these 1300 listings are actually to be built new construction opportunities. Lots of new construction there in Sussex County.

Wicomico County, MD

Rounding out Delmarva, let's look at Wicomico County. There were 29 new active listings in the last seven days, while we had 31 go under contract, giving us 1.5 months’ supply in Wicomico County. We currently have 134 total actives for sale in the county, and we had 89 go under contract in the last 30 days.

Interest Rates

Now, let's talk about interest rates. The stock market has been strong in the last couple of weeks, and inversely, mortgage rates have remained a little bit higher. Currently, we're right at that seven percent mark for a 30-year fix when we look at averages nationwide. But, I will tell you that a lot of the buyers we've seen seem to be content with that number. They're more concerned with finding the right property and are okay with the rates where they are currently.

If you have any questions about the real estate market or any specific areas where you'd like to know more, please reach out. We'd love to help you with that information. Please like and share this with a friend, and we will see you back here next week for another real estate market report.