Ryan Haley is here with Atlantic Shores Sotheby’s International Realty, coming to you with the real estate market report for Delmarva on October 22nd, 2024. Well into the fourth quarter here, we are truly enjoying fall at the beach. We've had some fantastic weather throughout October, which has been great.

But what are we seeing in the real estate market? I'm seeing opportunities—lots of opportunities out there, and maybe even some sleeper deals that people are possibly missing out on because they’re preoccupied with other things. I just want to bring that to your attention, as we’re seeing more inventory. 

Current Market Trends in Worcester County

In fact, in the last 7 days here in Worcester County, Maryland, we had 74 new properties hit the market, while 58 went under contract during that time period. Countywide, we’re sitting at just under four months’ supply. Currently, we have 679 total actives in Worcester County, selling at a pace of 175.5 per month, giving us a 3.88-month supply.

Wicomico County Market Overview

In Wicomico County, Maryland, home of Salisbury, we had 37 new listings in the last week, with 37 going under contract—a completely balanced market for the past 7 days. We have 248 total actives, selling at 90 over the last 30 days, giving us a 2.15-month supply in Wicomico County.

Insights into Sussex County, Delaware

Finally, in Sussex County, Delaware, our largest county, we had 160 new listings hit the market in the last 7 days while 145 were sold—a fairly balanced situation overall. Total inventory is still under 2,000 units, with 1,926 total active properties, and we’re selling at a pace of 501 per month, resulting in a 3.84-month supply in Sussex County.

One thing I want to point out: the old rule of thumb was that less than 6 months' supply typically indicated a seller's market, while anything over 6 months was considered a buyer's market. Six months was the balance. I honestly believe that depending on the time of year and type of market, a 4-month range is closer to a balanced market.

Interest Rates and Their Impact

As I mentioned at the beginning of this podcast, I am seeing some opportunities. With the upcoming election, certain people have pumped the brakes, which is actually giving some fantastic properties the chance to stay on the market a bit longer. So if you’re a buyer asking when the best time to get a good deal is, I can tell you it’s often when there’s less competition and more to choose from, and we’re seeing a little bit of that right now. This could be an interesting window of time for you as a buyer if you're looking for a deal.

Currently, mortgage interest rates on a 30-year fixed are sitting at 6.85% on average nationwide.

Conclusion

There you have it—the look back at the last seven days here on Delmarva for your real estate market report. Should you need anything at all, it’d be our pleasure to assist in any way we can. Please like this page, share it with a friend, and we’ll talk to you soon.