Ryan Haley is back with the real estate market report for July 23, 2024.

What are we seeing in the real estate market here in the greater Ocean City and Delaware Beach areas?

Worcester County Real Estate Market Report

We’re going to start off with Worcester County, Maryland. In the last seven days, we had 63 new listings come on the market while we had 56 go under contract. In that period of time, countywide, there are 551 total active properties while we've sold 68 over the course of the last 30 days. So, we have ticked up just above that 3-month mark, so we're at 3.3 months' supply in Worcester County.

Wicomico County Real Estate Market Report

Going over to Wicomico County, in the last seven days, we've had 35 new listings hit the market while we outsold that because we had 37 actually go under contract. In that period of time, countywide, there are 2,011 total actives, and we're selling 103 a month. That gives us 1.9 months' supply. Wicomico County has remained under that two-month supply mark.

Sussex County Real Estate Market Repor

Finally, in Sussex County, Delaware, there were 216 new listings here in the last seven days while we had 168 go under contract. So, that means we're adding inventory and more options for you as a buyer. There are 1,815 total actives and we're selling 524 over the course of the last 30 days. That gives us 3.5 months' supply.

Mortgage Interest Rates

Interest rates have gone to their lowest levels that we've seen in the last 60 days. We are ranging anywhere from 6.3% up to about 6.8%, depending on if you're going with a government loan or a conventional loan. So, that means more affordability, lower rates, and more to choose from. That definitely helps you if you're thinking about trying to negotiate and get a lower monthly payment.

So, there you have it. That is the real estate market report here for Delmarva for 7/23/24. We look forward to seeing you back here next week with another edition of the Delmarva Real Estate Market Report.