Ryan Haley is back with the real estate market report for December 4th, 2024.

We are nearing the end of the year, with just a couple more reports to bring you for 2024 before we flip the calendar over to 2025. There’s some interesting news coming out of the real estate market this past week. It’s always intriguing to analyze market activity during a holiday week.

We hope you had a fantastic Thanksgiving! Hopefully, some of you were here in town. We had some great events in the past week. The Berlin Christmas tree lighting took place, and we’ve got Winterfest of Lights here in Ocean City.

For football fans, we had an exciting local game. Stephen Decatur High School won a thriller in overtime last week to advance to the state championship game for 2A. That game will be held this Saturday at 3 PM at Navy Stadium in Annapolis.

Beyond local events, there’s also excitement in the real estate market. I’ve mentioned to many of you before that since the election, we’ve seen more positivity. It’s not about whether it’s left or right—it’s the certainty that comes afterward. We’ve had more conversations, excitement, and activity in the last couple of weeks than we’ve seen in quite some time.

Looking at purchase data, the number of pending sales is actually increasing year-over-year, which is good news. Specifically, here on the Delmarva Peninsula, all three counties experienced more under-contract and pending sales in the last seven days than the inventory added during that time. This is the first time we’ve seen this trend in a while.

Current Market Trends in Worcester County

In Worcester County over the past week, inventory was fairly light, with only 19 new listings added. However, 38 properties went under contract—essentially doubling the new inventory. Countywide, there are 592 total active listings as of today. In the last 30 days, 142 properties went under contract, giving Worcester County a 4.2-month supply.

Wicomico County Market Overview

In Wicomico County, there were 23 new listings in the last seven days, with 24 properties going under contract—a very balanced market, but still slightly outpacing new inventory. Countywide, there are 253 active listings, with 79 properties under contract over the past 30 days, resulting in a 3.2-month supply.


Insights into Sussex County, Delaware

Finally, in Sussex County, where the numbers are larger due to its size, there were 72 new listings in the last seven days, with 92 properties going under contract. This shows strong activity. Sussex County currently has 1,788 active listings and saw 448 properties go under contract in the last 30 days, giving a 4-month supply. Notably, the total inventory in Sussex County is slightly down.

Interest Rates and Their Impact

Why are we seeing more transactions? Part of it could be the seasonal bump. Over the past three years, we’ve seen a slight uptick in activity during November, December, and January. Additionally, interest rates have improved in all three of those years, including now. We’re three weeks in a row under 7% on the 30-year fixed mortgage.


As of today, the average 30-year fixed rate is at 6.86%. For government loans like FHA, USDA, or VA, the rate is even lower at 6.2%.

Conclusion

All in all, this is encouraging news. Despite the colder weather, the real estate market is heating up. With improved interest rates and increased sales activity, we’re on track for a strong finish to 2024 and an exciting spring in 2025.

If there’s anything I can do to assist you with the real estate market, it would be my pleasure. Please feel free to reach out. Like, subscribe, and share this with your friends. See you next week with another edition of the Delmarva real estate market report!