Weekly Market Update for Ocean City & Surrounding Areas - 01/18/2024
Ryan Haley with Atlantic Shores Sotheby's International Realty is back to share the real estate market report as of January 15th, halfway through the month. Let's dive into what's happening on Delmarva.
Worcester County Real Estate Market Report
We started off strong in January, and the momentum has continued. In Worcester County this past week, we witnessed 59 new listings hitting the market—a notable increase. Additionally, 43 properties went under contract during this time. Countywide, we had a total of 448 active listings, with 182 going under contract in the last 30 days. This resulted in a slight decrease in our month's inventory, currently standing at 2.5 months in Worcester County.
Wicomico County Real Estate Market Report
Shifting our focus to Wicomico County, in the last seven days, 26 new listings emerged, while at the same time, we saw 32 properties go under contract. The county has 171 total active listings, and 73 of those went under contract in the last 30 days, providing a 2.3 month supply in Wicomico.
Sussex County Real Estate Market Report
Now, let's conclude with Sussex County, Delaware, our largest county on the shore. Sussex County boasts 1,371 total active listings, with 314 properties going under contract in the last 30 days. This equates to a 4.4 month supply. In the past week alone, 139 new listings appeared, with 119 properties going under contract during the same period.
Mortgage Interest Rates
Regarding mortgage interest rates, we've experienced a slight increase, currently standing at 6.77% on average for a 30-year fixed rate. Locally, some buyers have secured rates below this average, particularly with negotiations or by opting to pay for points. I've seen a few people securing rates just under 6%, at 5.99%.
So, that wraps up the real estate market report for Delmarva as of January 15, 2024. We look forward to sharing more insights like this in the future.