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Ryan Haley is back with the real estate market report for August 14, 2024. Today is a big day in the real estate world as a lot of new forms have come out that buyers and sellers may be viewing. That's both on the Maryland and Delaware side, so keep an eye out for those when you're talking to your agent.

The other thing that is changing is that now, whenever you're going to view a property, prior to viewing a property, you're going to have to sign an agreement with an agent. This is a new change that we're seeing nationally, with the National Association of Realtors implementing some policy changes that begin today and go through August 17th. I just wanted to bring that to your attention.

Worcester County Real Estate Market Report

But what are we actually seeing in the real estate market here in Worcester County? In the last 7 days, we had 70 new properties hit the market, while 55 went under contract, so that's definitely adding a little bit of inventory for you to choose from. Countywide, there are 572 total active listings, while we're selling 166 in the last 30 days. That gives us a 3.4-month supply in Worcester County.

Wicomico County Real Estate Market Report

In Wicomico County, 38 new listings came on the market, while 25 went under contract. Once again, we're adding a little bit of inventory, and we're seeing some more things hit the market, which is great when you're looking to buy a property and need additional options. Countywide, there are 25 total active listings in Wicomico County, and we've sold 96 over the course of the last 30 days. That gives us a 2.2-month supply in Wicomico County.

Sussex County Real Estate Market Report

In Sussex County, Delaware, it's pretty balanced. There were 161 new listings over the course of the last week, while 157 went under contract. If we look at the entire county, there are 1,849 active properties for sale, and we're selling about 500 a month—503 in the last 30 days. That gives us a 3.7-month supply in Sussex County.

Mortgage Interest Rates

Last week, I reported that we saw big-time drops in interest rates, but then we saw rates go back up. Right now, we've come back down a little bit, settling in very nicely at 6.49% on average for the 30-year fixed, and the FHA government loans are just a tad over 6% currently. So there you have it—that is the market report here for Delmarva for the week of August 14, 2024. We'll see you next week with another edition of the real estate market report.