Ryan Haley is back with the real estate market report for December 11th, 2024. 

As we're nearing the end of 2024, just a couple more reports left before Christmas and the new year. What have we seen in the last seven days here across Delmarva from the real estate market?

Current Market Trends in Worcester County

Well, in Worcester County, we're starting to see a little bit more inventory. In the past week, we had 62 new listings hit the market, while we had 37 go under contract. Total inventory countywide is 611, with a selling pace of 133 over the last 30 days, which gives us a 4.6-month supply. Worcester County now has the most supply out of the three counties here on Delmarva.

Insights into Sussex County, Delaware

Moving over to Sussex County, Delaware, we had 105 properties come on the market in the last week, while we had 126 go under contract. So, selling more than the new inventory in Sussex. Total actives are 1,755, with 429 going under contract in the last 30 days, which gives us a 4.1-month supply in Sussex County, Delaware.

Wicomico County Market Overview

Finally, in Wicomico County, once again, very even - 28 new listings and 29 going under contract in the last seven days. Total actives are 244, and we're looking at 82 going under contract SL pending in the last 30 days, which gives us a three-month supply in Wicomico County. So, once again, Wicomico and Sussex counties kind of have remained stable in the last week, where Worcester County added a few new properties.

What does that mean? Well, it means that we're seeing some more inventory - seeing some more properties available - seeing some more choices for our buyers. And choice is a good thing; it's good across the entire real estate market. For the longest time, many of you will remember, we were kind of starved for inventory and buyers didn't buy because they couldn't find what they were looking for. Now we've got some more options so that's all good news.

Interest Rates and Their Impact

Interest rates as of today are 6.78%, down a little bit from last week at this time. That's 6.78% on the 30-year fixed rate - your average across the entire United States.

Conclusion

That's it for this past week's look at the real estate market here on Delmarva. If you need anything at all, please feel free to reach out and we'd be happy to assist in any way that we can. Thanks again, and we'll see you next week with another edition of the Delmar real estate market report.