Current Market Trends in Worcester County

We're going to start off with Worcester County. In Worcester County, over the last 7 days, we had 56 new listings hit the market, while 51 went under contract during that period. The total active inventory for Worcester County is 649 as of today, and we are selling 157 properties over the course of the last 30 days. That gives us a 4.1-month supply, which is just up slightly compared to last weekend.

Wicomico County Market Overview

In Wicomico County, there were 28 new listings in the last 7 days, while 29 went under contract, meaning we slightly outsold the new inventory. There are 253 total active listings, and we sold 84 properties over the last 30 days, which gives us an even 3-month supply in Wicomico County.

Insights into Sussex County, Delaware

Moving on to Sussex County, Delaware, there were 136 new listings in the last 7 days, while 171 properties went under contract. This reflects strong sales activity. Sussex County currently has 1,890 total active listings, with 502 properties sold in the last 30 days. This equates to a 3.8-month supply, which is down slightly compared to before.

Interest Rates and Their Impact

Now, looking at interest rates, we are sitting at about 7% on average for a 30-year fixed mortgage. FHA and VA loans are coming in at rates in the mid-6% range, around 6.44% as of this morning for FHA loans.

One thing I’d like to highlight is a breakdown of Worcester County. Some new stats came out recently, and if we look year-over-year at October, last October we had 169 properties go to settlement, whereas this year we had 162. That’s a slight decrease of 4.1%. However, the median sales price has increased. In 2023, the median sales price in Worcester County was $429,000. This year, it’s $439,990, representing a 2.6% increase.

While the total number of transactions (settlements) was down 4.1%, pending sales tell a different story. Last October, 156 properties went under contract, while this year that number increased to 200. This is a positive indicator for future sales activity.

Conclusion

There you have it! A little insight into the Worcester County market. If you like this information, please share it with a friend. Once again, I'm always happy to break down any community or other area to see how the market is doing in those locations. Thanks again for tuning in, and we’ll see you next week with another edition of the Delmarva Real Estate Market Report!