Ryan Haley is back with the real estate market report for Delmarva for Christmas week. Coming to you a little earlier this week—Monday, December 23rd to give you an update on what is going on.

As we all know, people are pretty distracted with the holidays. There’s a lot going on, so maybe not quite as many people are looking at real estate this week. However, behind the scenes, there is a lot of pent-up demand from buyers. There are also sellers putting their properties on the market, and we have seen inventory climbing a bit. That’s definitely reflected in the numbers.

As a buyer, when there’s more inventory combined with the pent-up demand we’re seeing, it’s going to create an interesting dynamic as we turn the calendar to 2025. It will be fascinating to see how the market reacts.

Current Market Trends in Worcester County

For this past week in Worcester County, Maryland, we had 44 new listings hit the market and 33 go under contract. Countywide, there are 602 total active listings, with 118 properties sold over the last 30 days. That gives us a 5.1-month supply of inventory.

Wicomico County Market Overview

In Wicomico County, there were 20 new listings in the last seven days, while 23 properties went under contract. Countywide, there are 229 total active listings, with 88 properties sold over the last 30 days. This gives us a 2.6-month supply of inventory.

Insights into Sussex County, Delaware

Finally, in Sussex County, Delaware, there were 110 new listings in the last seven days, while 99 properties went under contract. Countywide, there are 1,741 total active listings, with 350 properties sold over the last 30 days. That gives us a 4.97-month supply of inventory.

Interest Rates and Their Impact

Now, on to interest rates. Interest rates have been fluctuating. I’m sure some of you saw the Federal Reserve’s announcement this past week. The Fed decided to reduce the federal funds rate by a quarter of a percent. However, as soon as they made that announcement, short-term mortgage rates shot up, briefly reaching as high as 7.15%. Today, those rates have settled back down slightly to 7.04%.

For government-backed loans, the rates are a bit lower, sitting around 6.4%. So, right now, we’re seeing rates in the mid-6% range for those types of loans.

Conclusion

That’s the recap here just before Christmas. I want to take a moment to wish you a very Merry Christmas and a happy holiday season. Should you need anything at all, we’re here for you. We look forward to seeing you again next week for another edition of the Delmarva Real Estate Market Report.