Real Estate Market Update for Delmarva for the Week of December 4, 2023

Mortgage interest rates have hit their four-month lows, and the Worcester County real estate market comes back to life. That, plus the entire real estate market report for Delmarva, is coming your way next. 

Ryan Haley is back with the real estate market report for December 4th on Delmarva. 

What have we seen here in the last 7 days? 

Worcester County real estate market is coming back to life, and four-month lows on mortgage interest rates. As of today, we are coming in at 7.08%. This is the lowest mortgage interest rate we have seen in over four months. That is great news from an affordability standpoint for you buyers. 

Worcester County, Maryland Real Estate Update

As I mentioned last week, we saw a little bit more inventory kicking in, but in Worcester County, that inventory has been gobbled up. 

So, in the last 7 days, we've had 34 new properties come on the market, while at the same time, we had 48 properties go under contract. That's a big number. Buyers had seen those interest rates come down; they saw a little bit more opportunity, and they took advantage of it. And we've outsold the new inventory. 

Countywide, we're looking at 449 total properties for sale, while in the last 30 days, we've sold 117 properties. So that gives us a 3.8-month supply, down from last week where we're almost at 4-month supply.

Sussex County, Delaware Real Estate Update

Moving over to Sussex County, Delaware, 99 new listings in the last 7 days, while we had 36 go under contract. Once again, just like Worcester County, we are outselling the new inventory in Sussex County. 

Countywide, we had 1,439 properties for sale as of today, and in the last 30 days, we had 405 go under contract. That's a 3.5-month supply, once again decreasing.

Wicomico County, Maryland Real Estate Update

Finally, rounding out Delmarva here in Wicomico County, 17 new listings in the last 30 days and 17 going under contract. It's very interesting how that has remained a very balanced market in Wicomico County. 

We saw almost the exact same thing last week as far as even the number of actives and even the number of pendings. Countywide, thre were 181 total actives for sale and 88 going under contract in the last 30 days. That gives us a 2.1-month supply in Wicomico County—a very tight market over there.

In Closing

So we'd love to talk to you some more about what we're seeing in the micro market. If there's any particular area that you're focusing on, whether it's oceanfront, bayfront, or single-family homes, reach out to us. We'd love to talk to you more about that. If you like this information, please tune in on a weekly basis, like, share it with your friends, and we will see you next week with another real estate market report for Delmarva. Thanks again.

 

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