Weekly Local Real Estate Market Update for Delmarva

Ryan Haley brings to you the real estate market update for Delmarva for October 3rd, 2023. We just got off of a great event in Ocean City, and it seemed like almost everybody was in town for an awesome time. That was the Oceans Calling Festival, which was down at the inlet here in Ocean City. Great event. It was one of the best events seen in years. 

So kudos to the Town of Ocean City for bringing that event here. Kudos to everybody who came and had a great time. Hopefully, we'll get to see it happen again.

But getting back to real estate. Real estate is driven by what we have going on here. The more people that like coming to Ocean City, the more people that can enjoy our beaches, whether it's here or up in the Delaware beaches or into Wicomico County, the more people that really truly love being on the shore is only going to help our real estate continue to go up and appreciate. 

Worcester County, Maryland Real Estate Update

So, that being said, in the last seven days here in Worcester County, Maryland, we saw 63 new listings hit the market. That's up a bit. We're seeing some more inventory come on, which is great for buyers who are looking for options. At the same time, we had 51 properties go under contract in the last seven days. So, we had more inventory than contracts. Countywide, currently, 400 properties to choose from, which is a good selection, and we had 173 go under contract in the last 30 days. That gives us a 2.3 months’ supply here in Worcester County.

Wicomico County, Maryland Real Estate Update

Hopping over to Wicomico County, 22 new listings in the last seven days while we had 26 go under contract in that period of time. There were 153 total actives for sale as of today, while we had 100 go under contract in the last 30 days. That gives us a 1.5-month supply in Wicomico.

Sussex County, Delaware Real Estate Update

Rounding out Delmarva, over into Sussex County, 149 new listings, but we had 167 going under contract. So, more going under contract, more selling than what we have hitting the market. Countywide, there were 1,45 active properties, and in the last 30 days, we're selling at a pace of 477 units, giving us a 2.9-month supply of inventory in Sussex County, Delaware.

Interest Rates Update

Where are interest rates at this week? We are at 7.75% as of today as your average 30-year fixed rate. But rest assured, I'm not going to sit here and say you should or should not buy or sell a home. But if you want to know how you can buy a home for an interest rate that's 2% less than the average, click on the link below here, as I just recorded another video that talks about how you can save 2% on your mortgage interest rate.

So, there you have it. That is the real estate market report for Delmarva for October 3rd, 2023. Look forward to seeing you back here again next week. Have a great week!