Ryan Haley is back with the latest market report for Delmarva.

It is getting spooky here in Berlin. Actually, Berlin is America's coolest small town, but it's also a really cool town for Halloween. We are embracing everything as we are not too far away from the actual Halloween night, which is always a great time here for trick-or-treating. We'll have some candy out front, so we look forward to seeing you here in just a little bit.

So, what are we seeing here on the shore when it comes to real estate? Well, the overall theme is more inventory. At the same time, we are still selling a fair amount of real estate, and there's going to be a lot of real estate that will go under contract and close before the end of 2024.

Current Market Trends in Worcester County

In Worcester County, in the last 7 days, we had 72 new listings come on the market, while in that period we sold 55 properties. In the last 30 days, countywide, we have 667 total active properties for sale in Worcester County. Over the course of the last 30 days, we had 176 go under contract, giving us 3.78 months of supply. That's down a little from last week when we had a 4-month supply.

Wicomico County Market Overview

In Wicomico County, Maryland, in the last 7 days, we had 30 new listings come on the market, while 24 went under contract—fairly balanced. In the last 30 days, we had 249 total properties for sale in Wicomico County, and 88 went under contract, giving us 2.82 months of supply.

Insights into Sussex County, Delaware

In Sussex County, Delaware, in the last 7 days, we had 207 new properties hit the market, while 177 went under contract. In total, we are up a little bit, with 1,942 active listings in Sussex County. We’re selling at a pace of 487 properties over the last 30 days, giving us 3.98 months of supply. One thing to note is that we've broken over the 1,900 mark in active inventory in Sussex County. For the longest time, we were in the 1,880 range.

Interest Rates and Their Impact

What are we seeing with mortgage interest rates? Since the Fed got ahead of mortgage rates and reduced the federal funds rate by half a percent, we've actually seen mortgage rates increase. Currently, today we're sitting at 6.67% on a 30-year fixed mortgage. FHA loans are just over 6%.

Conclusion

There you have it—that is the weekly look back here on Delmarva for the real estate market report. If you like this information, please share it with a friend, and we'll see you next week with another edition of the real estate market report.