Weekly Real Estate Market Update for Delmarva - July 6, 2023

Welcome back to the real estate market report for Delmarva, coming to you today on July 6, 2023. 

Fourth of July week here at the beach was a success thus far, lots of great fireworks, lots of people in town, which is fantastic. 

So, continuing on through summer here, the real estate market, what have we seen in the last seven days?

Worcester County, Maryland Real Estate Update

In Worcester County, Maryland, we've had 45 new properties come on, while at the same time, we had 55 go under contract. County-wide, we had 306 active properties while we've had 157 go under contract here in the last 30 days. That gives us 1.9 months supply of inventory here in Worcester County. 

Wicomico County, Maryland Real Estate Update

Moving over to Wicomico County. There were only 15 new listings in the last seven days. It could be part of the holiday, maybe just a slight reduction, people were busy. But 15 new listings, while we had 23 go under contract in Wicomico County. 

County-wide 128 actives today and we had 90 go under contract in the last 30 days, which gives us 1.4 months' supply in Wicomico County. 

Sussex County, Delaware Real Estate Update

Over at Sussex County, Delaware, there were 135 new listings in the last seven days, while we had 117 go under contract, so there is a slight bump to our inventory in Sussex County. County-wide, we had 1,357 actives and 411 under contract in the last 30 days. That gives us 3.3 months' supply. 

Update on Interest Rates

What's going on with interest rates? Well, after the FED met this last time, they decided to pump the brakes a little bit on increasing their federal funds rate. We have seen mortgage rates stay up a little bit higher. Right now, for a 30-year fixed, we are over seven percent, and it's been holding at that range here for the last two to three weeks. 

So, there you have it. If you like this information, please share it with a friend, like, subscribe. We'll see you next week with another edition of the real estate market report for Delmarva.