Ryan Haley with Atlantic Shores Sotheby's International Realty is back with the real estate market report for November 6, 2024. This is the first market report here in November, and we are now past the election. The best news is that we now have certainty about what the next four years could look like. With this certainty, I think we're going to see markets improving. The real estate market should increase and start to pick up in terms of the number of transactions.

People like to know what's on the horizon and what the future looks like. By taking that unknown away, it should certainly help us. A lot of the experts are now saying that we should see at least a 12% to 13% increase in 2025 in terms of the number of transactions. So if you've been watching, waiting, and wondering when the best time to buy was, I would suggest starting sooner rather than later, as I do believe we're going to see an uptick.

But what is going on in the market right now? 

Current Market Trends in Worcester County

Here in Worcester County, in the last seven days, we've seen 65 new listings hit the market while 49 went under contract. Countywide, we currently have 661 properties for sale and are selling them at a pace of 174 over the last month. That currently gives us a 3.79-month supply.

Wicomico County Market Overview

In Wicomico County, there were 36 new listings in the last 7 days while 32 went under contract. It’s a very balanced market there, with 251 total active listings as of today, and we're selling just under 100 per month, at 92 in the last 30 days. This gives us a 2.72-month supply in Wicomico.

Insights into Sussex County, Delaware

Finally, in Sussex County, Delaware, we saw 154 new listings in the last 7 days, with 179 going under contract. That's right; 179 went under contract, meaning we are outpacing the new inventory in Sussex County. Countywide, there are 1,197 total active listings, and 456 sold in the last 30 days. That gives us a 4.18-month supply.

Interest Rates and Their Impact

Interest rates are up a bit today, with the 30-year fixed rate just over 7%.

Conclusion

There you have it — that’s what's going on with the real estate market. If you have any specific questions about how the election may affect you, or about the market and indicators we're watching, please feel free to reach out. We’d be happy to share our thoughts and projections for the near future. Once again, thanks for tuning in! If you like this information, please share it with your friends, and we’ll see you next week with another edition of the Delmarva real estate market report.