Welcome back to the Real Estate Market Report for November 13, 2024. We are just about halfway through the month of November and getting ready for the holidays to fully kick in. Our office here in Ocean City is ahead of the game, and we were able to get the outside decorated. It looks fantastic! So, if you are in town driving up or down Coastal Highway, be sure to look over here on 76th Street, as we've got a beautifully decorated office for the holidays.

But what is going on in the real estate market? Well, we are past the election at this point. I think I mentioned last week that the best thing about the election is the certainty it brings, and we now know the direction we’ll be heading for the next four years. We are likely to see many changes in that period, but as of right now, there’s a sense of optimism in the market.

Current Market Trends in Worcester County

In the last week here in Worcester County, we had 51 new listings come on the market, while 44 went under contract. We currently have 652 total active listings in Worcester County and are selling at a pace of about 164 homes per month. That gives us a 3.97-month supply, keeping us just under the four-month supply mark, so that has decreased a bit.

Wicomico County Market Overview

Hopping over to Wicomico County, in the last 7 days, we had 25 new listings hit the market, while 24 went under contract. It's an extremely balanced market in Wicomico County, with 249 total active listings as of today and 92 going under contract in the last 30 days. That gives us a 2.7-month supply. Once again, we are seeing the months’ supply come down a bit in both Worcester and Wicomico counties.

Insights into Sussex County, Delaware

Finally, in Sussex County, Delaware, we had 177 new listings in the last 7 days, while 144 went under contract. There are 1,926 active listings, with 466 going under contract in the last 30 days, giving us a 4.1-month supply. I mentioned a little uptick in activity, and I think part of that is due to the clarity we now have. People seem to feel more comfortable getting back into the marketplace. We also saw that the Fed announced a cut to the interest rate by another quarter point for the federal funds rate. 

Interest Rates and Their Impact

However, mortgage rates have actually bumped up just a bit, with today’s 30-year fixed mortgage sitting at around 7%.

Conclusion

If you like this information, please share it with a friend. If you want me to break down specific areas or are curious about your home and how its value might be affected by the election results, I'd be happy to help give you a better idea of your current value. Thanks again, and we’ll see you back here next week with another edition of the Delmarva Real Estate Market Report!