Weekly Market Report for Ocean City & Surrounding Areas - 01/02/2024

Ryan Haley with Atlantic Shores Sotheby's International Realty is back with the first real estate market report for 2024. 

A little bit more optimism in the air when it comes to the real estate market as we are seeing increased affordability, which is great for buyers, and a few more properties to choose from, which is fantastic news.

Many of the experts are predicting anywhere from a 10% to 20% increase for the number of sales in 2024, so we'll take that as good news.

What are we seeing here?

Worcester County Real Estate Market Report

Well, we're going to start off with Worcester County, Maryland. In the last 7 days, we've seen 41 new properties hit the market, while we had 26 properties go under contract here during the holiday week. There were 451 available countywide and 88 pending in the last 30 days. That gives us just under a five-month supply in Worcester County, Maryland.

Wicomico County Real Estate Market Report

Hopping over to Wicomico County,:15 new listings in the last seven days, while we had 18 go under contract. Countywide, we had 165 total listings, and we had 69 go under contracts in the last 30 days. That's a 2.4-month supply over in Wicomico County. That is the tightest market of the three counties right now.

Sussex County Real Estate Market Report

Rounding out Delmar with Sussex County, Delaware, we are looking at 78 new listings here in the last 7 days, or actually, take that back, last 7 days, while we had 86 going under contract. So quite a few more going under contract than coming on the market countywide. We're sitting right at a 4.4-month supply.

Mortgage Interest Rates

So where are interest rates? Interest rates have ticked up just a tad. We're at 6.72% on a 30-year fixed, while our 15-year is coming in right at 6%. I've seen a number of people who have decided to purchase and buy down their rate, and we're seeing a lot of those numbers coming in in the mid to upper fives.

So there you have it. That is the kickoff to the 2024 year. Here once again, we want to wish you a very happy New Year. We are looking forward to seeing you. Should you have any questions at all about the beach real estate market, please reach out, as we'd be happy to help. Thanks again, and we'll talk to you soon.

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