Weekly Real Estate Market Update for Ocean City, Maryland and Surrounding Counties - 5/15/24

Ryan Haley returns with the real estate market report for Delmarva for May 15, 2024. We are halfway through the month of May and in the prime of the spring season. Based on the numbers we've seen in the last seven days, they definitely indicate that we are in the prime of the spring season.

Worcester County Real Estate Market Report

So, what have we seen here in Worcester County in the last seven days? We had 61 new properties come on the market while we had 55 go under contract. That means we're adding some inventory, definitely some options for you as a buyer. When we look at countywide, we have 559 total actives, while we had 185 go to contract in the last 30 days. That gives us an even three-month supply in Worcester County.

Wicomico County Real Estate Market Report

In Wicomico County, there were 36 new listings in the last seven days while we had 27 go under contract. Countywide, there are 183 total actives, and we're selling at a pace of 105 over the course of the last month, giving us a 1.7-month supply.

Sussex County Real Estate Market Report

Rounding out Delmarva, in Sussex County, our largest county here, there were 117 new listings while we had 174 go under contract. Countywide, we're up to 1,741 total actives for sale as of today, and we're selling 543 in the last 30 days. That gives us a 3.2-month supply. So, Worcester and Sussex counties are right at a three-month supply, while inland in Wicomico County, we're under two months.

Mortgage Interest Rates

Where are interest rates? Interest rates have pulled back a little bit, and as of this morning, we are at our lowest interest rates seen over the course of the last 30 to 45 days, currently sitting at 7.1% on the 30-year fixed. If you were to use a government loan like FHA or VA, we're seeing those come in a little bit lower, currently at 6.58% for a government-backed loan.

There you have it. That is a look back at the last seven days in our real estate market for Delmarva. If you like this information, please feel free to reach out. We'd be happy to customize this information if there are certain areas you are looking in. Like, subscribe, share with your friends, and we will see you back here next week with another Delmarva real estate market report.

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