Ryan Haley is back to bring you the real estate market report for December 17th, 2024.

What is going on in the real estate market here on Delmarva?

Current Market Trends in Worcester County

I'm going to start off with Worcester County. In Worcester County, we are adding inventory. We had 50 new listings in the last seven days, while we had 36 go under contract during that period of time. That gives us 606 in total here in Worcester County, and we're selling at a pace of 128 in the past month. That comes to a 4.7-month supply, inching up just a tad. A 4.7-month supply is just under that five-month mark.

Insights into Sussex County, Delaware

When we hop over to Wicomico County, the inland county here on the Maryland side, there were 27 new listings in the last seven days, while we had 24 go under contract. If we look countywide, there are 240 actives as of today, so 250 homes available to choose from in Wicomico County. We're selling at a pace currently of about 82 over the last month. That gives us a 2.99-month supply—the lowest supply here on the shore.

Wicomico County Market Overview

Finally, in Sussex County, Delaware, there were 107 new listings in the last seven days, while 104 went under contract. That’s very balanced in Sussex County. Total inventory, including new construction, currently stands at 1,732 properties available. We're selling at a pace of 381 over the last 30 days. That gives us a 4.5-month supply.

So, the winner with the most supply here is Worcester County, followed by Sussex County, and then the tightest market with the most competition for the best homes is definitely Wicomico County.

Interest Rates and Their Impact

When we look at

interest rates for the last week, where are we sitting? We are just under 7% on the 30-year fixed at 6.94%. If you're looking at a government-sponsored loan, like FHA or VA, you're going to be in the low sixes—about 6.25% as of today.

Conclusion

So, there you have it. That is probably the third-to-last market report you’ll see here in 2024. Should you need anything at all, please feel free to reach out. It would be my pleasure to assist in any way that I can. Thanks again, and have a great day!