Ryan Haley is back with the real estate market report for November 26, 2024. Happy Thanksgiving!

That’s right—we are two days away from Thanksgiving, and I want to say I'm thankful to all of you who tune into this every week. I know for a lot of you it's pretty monotonous, but I do talk to many folks who say, "Hey, I listened to your market report last week." You know, it's interesting to hear what the market is doing. So, thanks for tuning in, and thanks for sharing it with your friends. If you know somebody else who might be interested in this, we'd be happy to help them.

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So, what do we have going on here in the real estate market?

Current Market Trends in Worcester County

Well, in the last week, we have seen some interesting activity here in Worcester County. We're going to start off with this: we had 40 new listings, while 46 went under contract. So, we're actually selling more in the past week than what came on the market.

Now, the total activity is down a little bit. We had 40 new listings this week, compared to closer to 60 the week before. The flow is a bit slower than it once was, but, like I said, demand this past week exceeded new inventory.

If we look countywide, we currently have 639 active listings for sale in Worcester County, while 150 went under contract in the last 30 days. That gives us a 4.3-month supply, which has crept up just a tad since last week.

Wicomico County Market Overview

Hopping over to Wicomico County: once again, the market is extremely balanced. The numbers remain pretty much the same as the last couple of weeks—28 new listings, 26 going under contract countywide. There are 256 total active listings, with 82 sold in the last 30 days. That gives us a 3.1-month supply.

Finally, rounding out with Sussex County: we saw 119 new listings while 157 went under contract. This marks two weeks in a row where demand is exceeding inventory. Currently, there are 1,860 total active listings, with 488 under contract, giving us a 3.8-month supply in Sussex County, Delaware.

Interest Rates and Their Impact

What’s going on with interest rates?

We just hit the lowest point in the last month. As of today, the average for a 30-year fixed-rate mortgage is under 7%—currently sitting at 6.95%. For government loans, like FHA, the average is around 6.25%.

Conclusion

This is some encouraging news. Like I said, coming off the election, I feel like there’s been more positivity among homebuyers and sellers. I attribute that not to left or right, blue or red, but rather to the certainty we now have as we move forward.

I'm excited as we head into the final month of the year and prepare for 2025. I hope you and your family have a fantastic Thanksgiving. If there’s ever anything we can do to assist, please let us know.

We’ll see you back here next week with another edition of the Delmarva real estate market report!