Real Estate Market Report for the Delmarva Region for October 12, 2023

Ryan Haley is back to bring you a real estate market update for the week of October 12th, 2023, for the Delmarva region. 

Over the past week, the market has witnessed an increase in inventory. Ryan recently worked with some clients and noted that several property options have become available, particularly in the oceanfront market, including an uptick in three-bedroom listings. Bayside properties also showcased appealing options, and there were positive developments in the primary housing market in West Ocean City and Ocean Pines.

Real Estate Update for Worcester County, Maryland

Examining the numbers in Worcester County, over the last seven days, 66 new listings hit the market, and 58 properties went under contract during the same period. The county boasts 421 current active listings, with 173 properties sold in the last 30 days. This results in a 2.48-month supply of inventory in Worcester County.

Real Estate Update for Sussex County, Delaware

Shifting the focus to Sussex County, Delaware, there were 168 new listings in the last week, while 156 properties went under contract. The county currently hosts 1,424 active listings, with 488 of these properties selling in the past 30 days, translating to a 2.9-month supply in Sussex County, Delaware.

Real Estate Update for Wicomico County, Maryland

In Wicomico County, Maryland, specifically the Salisbury area, 38 new listings were observed in the last seven days, and 27 properties went under contract during this period. The county has a total of 166 listings, with 93 going under contract in the last 30 days, resulting in a 1.7-month supply.

A notable trend is the simultaneous increase in inventory and a high rate of properties going under contract. This indicates that many buyers, who had been waiting for the fall market, are now actively making offers. This increased inventory offers an opportunity for negotiation for potential buyers.

Update on Interest Rates

Regarding interest rates, as of today, the average for a 30-year fixed conventional loan stands at 7.6%. This rate has seen a slight decrease from the previous week.

This concludes the real estate market report for Delmarva on October 12th, 2023. We look forward to providing you with another market report in the near future.