Weekly Market Update for Ocean City, MD & Surrounding areas - 4/23/24

Ryan Haley is back with another edition of the real estate market report here for Delmarva, April 23rd, 2024. 

What happening here on the shore? The theme this week is Even Steven. That is what we're seeing as far as new listings coming on and what's going under contract. It's almost one to one. 

Worcester County Real Estate Market Report

So let's look here at Worcester County. In the last 7 days, we had 64 new listings come on the market, and wouldn't you know, we had 64 go under contract in that same period of time. 538 total actives in Worcester County and we're selling them at 188 in a month period, so that's a 2.9 month supply in Worcester County. 

Wicomico County Real Estate Market Report

Wicomico  County? 34 new listings, 35 under contract, once again, right on target there, one to one. 162 total actives in Wicomico County and 98 going under contract in the last 30 days, that gives us a 1.7 month supply, that's up a tad over the last report that we came to you with. 

Sussex Real Estate Market Report

Sussex County, Delaware, 185 new listings, 184 going under contract in the last 7 days. Total inventory for Sussex County, 1,648 total actives and 540 going under contract here in the last 30 days, that gives us a 3.1 month supply. So 2.9, 1.7, and 3.1 month supply remaining pretty steady there.

We are in the prime of the spring market. This is that time if you're thinking about selling. You want to be on the market just before we hit the summer months, and if you're looking to buy, now is the opportunity. Now is the opportunity to make sure that you can secure the property here for the summer of 2024. 

Mortgage Interest Rates

Interest rate, 7.34% on average as of today, that's ticking down a little bit for what we saw earlier in the week. So there you have it, that is the real estate market report and even Steven report for you here, the 23rd of April. If you need anything at all, it'd be my pleasure to assist. If you like this information, please share with a friend, subscribe, and we'll see you next week with another Delmarva real estate market report.

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