Weekly Real Estate Market Update for Ocean City, Maryland and Surrounding Counties - 6/4/2024

Ryan Haley is back this week with the real estate market report for June 4th, 2024.

What are we seeing here in the beach markets?

We are very close to our three-month lows in mortgage interest rates. So, good news is coming from some of the economic data, which is more favorable towards those mortgage rates being a tad lower. Obviously, they’re kind of bouncing all around, but right now we’re at a pretty good spot where our rates have been pushed down into the upper sixes and low sevens, depending on the product that you’re going after. So, that’s good news to start off.

Worcester County Real Estate Market Report

More good news also for buyers here is there’s some more inventory to choose from. So, if we are looking in Worcester County in the last seven days, we had 47 new properties hit the market while we had 65 go under contract. Very good pace there. We’ve seen, as interest rates have come back down a little bit and as we’ve gotten closer to summer, people are smelling that suntan lotion, they’re seeing people on the beach, and they’re emotionally excited about buying. So, 47 new listings and 65 under contract in the last seven days countywide. 537 total actives as of today and we're selling 173 over a 30-day period. That gives us a 3.1-month supply here in Worcester County, Maryland.

Wicomico County Real Estate Market Report

Wicomico County: 32 new listings in the last week, 41 going under contract. We're seeing a trend here—more selling than coming on the market. 186 total actives in Wicomico County, and we're selling them at a pace of 114 over a 30-day period. That gives us a 1.6-month supply.

Sussex County Real Estate Market Report

Finally, Sussex County, Delaware: 172 new listings, while we had 98 going contracts. So, in that case, in Sussex County, definitely adding some more inventory in the last seven days. That’s good news if you’ve got more to choose from. 1,772 total actives for sale in Sussex County, Delaware, and we’re selling them at 510 in a month’s time. So, that gives us a 3.5-month supply in Sussex County, Delaware.

So, there you have it. We are into June, we are into summer. It feels great, it’s nice and warm. Get down here, let’s go looking for some beach property. If you guys need anything at all, please feel free to reach out, and we’ll see you again here next week with another edition of the Delmarva real estate market report.

Post a Comment