Weekly Market Update for Ocean City, MD and Surrounding Areas - 01/31/2024

Ryan Haley returns with the real estate market report for January 31st, 2024. The last report here, Market Stats of January, we are at 1/12th of the way through 2024, and we are out of the gates strong on Delmarva when it comes to real estate.

One stat that we just looked at today: if we look at nationally where we are at, the numbers came out for December, and in December, the total number of real estate transactions were up 8% year-over-year. This is nationally now, so that is a good sign. Interestingly enough, it all happened as soon as interest rates dropped from 8% and it came down a point and a half to that mid-6 range. Now, we have seen interest rates bounce around a little bit here over the course of the last four weeks, but today we're currently sitting at 6.75 on average when it comes to a 30-year fixed mortgage rate.

Worcester County Real Estate Market Report

So what does that mean in Delmarva? Well, here in Worcester County, we had 43 new properties come on the market in the last 7 days, while we had 54 go under contract, so outselling the new inventory. 446 total actives in Worcester County while we had 144 go under contract in the last 30 days. That gives us 3.1 months supply here in Worcester County; that number is going down a little bit. So, a little bit less month supply.

Sussex County Real Estate Market Report

Sussex County, 38 only 38 new listings in the last 7 days while we had 72 go on contract, almost doubling what came on the market here while going on contract. 1,365 total actives while we had 391 go under contract in the last 7 last 30 days. I take that back, there. That's 3.5-month supply in Sussex County, rounding out Delmarva.

Wicomico County Real Estate Market Report

There were 32 new active listings in Wicomico, while we had 34 going under contract in the last 7 days in Wicomico County. There were 175 total actives countywide while we had 90 go under contract in the last 30 days. That gives us a 1.99-month supply in Wicomico County, Maryland.

Mortgage Interest Rates

So there you have it. That is the recap for the last 7 days. Like I said, interest rates have ticked down a little bit again today; we're at that 6 and 3/4 range on a 30-year fixed. If you have any questions about any aspect of the real estate market, please feel free to reach out. It would be my pleasure to assist in any way that I can. If you like this information, please share it with a friend, like, subscribe to our channel, and we'll be sure to bring you some more content as we move here into month number two in 2024.

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