Ryan Haley with Atlantic Shores Sotheby's International Realty, returns with the Delmarva real estate market report, the last one here in August of 2024. We are now going to be moving into September, and we have Labor Day weekend here at the beach, so lots going on.

Worcester County Real Estate Market Report

What's going on with the real estate market? Well, in the last seven days here in Worcester County, we had 68 new listings, which is a good number. We're starting to see some good inventory coming online—opportunities for the buyers out there. Fifty-four are going under contract, so we're still selling at a very good clip here at the beach in Worcester County.

If we look countywide, we have 602 actives as of today, and we had 160 go under contract in the last 30 days. That gives us a 3.8-month supply, so keep in mind that's a little bit more inventory for you to choose from if you've been on the fence or if you've been thinking about making that move.

Wicomico County Real Estate Market Report

What do we see in Wicomico County? In Wicomico County, we had 34 new listings come on the market, while we had 27 go under contract. So still fairly balanced in Wicomico County, with 212 total actives as of today. We had 91 go under contract in the last 30 days, which gives us a 2.3-month supply, the lowest supply out of our three counties here.

Sussex County Real Estate Market Report

In Sussex County, Delaware, there were 112 new listings in the last 7 days, while 101 went under contract. Once again, pretty balanced all things considered, with 1,878 total actives selling 563 a month. That 3.3-month supply has remained constant in Sussex County here for the last couple of weeks.

Mortgage Interest Rates

News when it comes to mortgage rates: we are at our lowest level that we have been in quite some time. They continue to make their downward progression. As of today, we are looking at 5.8% on a 30-year FHA loan, which is great news—under that 6% mark. If you're looking at a conventional loan, it's currently sitting at 6.41% on a 30-year, and the 15-year fixed is under six as well, sitting at 5.95%. So, good news there if you are looking at the opportunity as to when you might want to buy. You want to look at the most affordable times, and right now we are seeing affordability improving. We have a little bit more inventory, which means there might be some negotiation room. At the same time, the monthly payment tied in with rates is going down.

So there you have it. That is the real estate market report here for Delmarva, the last one of August 2024. If you need anything at all, it would be our pleasure to assist in any way that we can. We'll see you next week with another edition of the real estate market report.