Weekly Market Update for Ocean City, MD & Surrounding areas - 03/12/24

Ryan Haley here coming to you with the real estate market report for March 12th, 2024.  We are into the spring market and I wanted to give you an update. 

Mortgage Interest Rates

Interest rates are remaining below 7%; we're at 6.92% on a 30-year fixed on average today, which is great news. I'm actually seeing rates locally here that are below that for a primary residence. That's where it's good to kind of have a conversation with your loan officer, which we can give you a recommendation on to find out where you fall when it comes to interest rates because they can vary depending on the type of property, depending on if it's a primary residence, depending on how much you're putting down. So, interest rates below 7%. That's the good news. What are we seeing here locally? 

Worcester County Real Estate Market Report

Worcester County in the last 7 days, we had 73 new properties hit the market while we had 58 go under contract countywide. 514 properties for sale, that's up a tick, but so are the number of transactions in the last 30 days. So, we're sitting at a 2.77-month supply here in the last 30 days, and that's actually currently where we're at. 2.7 month supply in the last 30 days. We had 191 going under contract. 

Wicomico County Real Estate Market Report

Hopping over to Wicomico County. 24 new listings, which is relatively low, and 32 going under contract in Wicomico County in the last seven days. 184 total actives countywide, while we had 105 go under contract in the last 30 days. 1.6 month supply, that's actually come down. So, Wicomico has historically for the last year, if you've been following any of these market reports, Wicomico County is definitely the tightest county. Those properties that come on that are attractively priced in good condition and the best locations are selling very quickly in Wicomico County. 

Sussex County Real Estate Market Report

Sussex County, Delaware, some bigger numbers here. 185 new listings, while we had 157 going under contract in the last seven days. So, that is a little bit higher than what we see in the other two counties, but also Sussex County is our largest county on the shore. 1,516 total actives in Sussex County and 515 going under contract in the last 30 days. That gives us a 2.9-month supply, very similar to what we're seeing in the beach markets of Worcester County.

So, there you have it. That is the real estate market report here for the 12th of March, 2024. Overall theme: interest rates below 7%, just in time for the spring market while we're seeing some more inventory hit. So let's get after it. If you've got questions about any property, we would love to assist this coming weekend. St. Patty's Day weekend in Ocean City, Maryland, the second-largest parade in the entire state going on this weekend. It's sure to be a good time. 

If you like this information, please share it with a friend. And if you have any questions at all, please reach out. We'll see you next week with another edition of the Delmarva real estate market report. Thanks again.

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