Ryan Haley is back with the real estate market report for August 6th, 2024.

The trend for this week: lower interest rates in all three counties. We've outsold the new inventory. We've seen an uptick in activity here in the last week as we are in the prime of summer, moving into August.

Worcester County Real Estate Market Report

Starting out with Worcester County, Maryland: In the last 7 days, we had 60 new listings hit the market, while we had 61 go under contract countywide. There are 539 total active properties for sale in Worcester County, and we've sold 172 over the course of the last 30 days. That gives us a 3.1-month supply in Worcester County.

Wicomico County Real Estate Market Report

In Wicomico County, there were 30 new listings and 38 going under contract, once again outselling the new inventory. There are 203 total active listings, and we've sold 100 over the past 30 days. That gives us exactly a 2-month supply in Wicomico County.

Sussex Country Real Estate Market Report

Finally, in Sussex County, Delaware, we had 161 new listings come on the market, while 202 went under contract, showing a definite uptick in the Sussex County market. The total inventory countywide is 1,829, and we've sold 506 over the last 30 days. That gives us a 3.6-month supply.

Mortgage Interest Rates

Probably the biggest news we've seen—I'm not sure if this is necessarily why we've seen the uptick because I think it's going to take a little time for the public to understand what's going on—is that we are currently at our lowest level in mortgage rates in the last year. That's right; we are currently sitting at 6.52% for a 30-year fixed average. The range overall for government loans up to conventional is anywhere from 6.12% to 6.52%. This is great news for any buyer out there looking at overall affordability. Once again, we were as high as almost 8%, so to be back down to 6.52% is great news.

If you'd like to know more information about loan products that are available and what the interest rate might be on a second home, just let us know. Otherwise, we will see you back here next week with another edition of the Delmarva Real Estate Market Report.