It’s September 12th, 2024. What's going on in the real estate market here on Delmarva? We're going to start off by noting that it is Bike Week here at the beach, so we have lots of motorcycles out on the road. Be careful out there. But what is truly going on with the real estate market? 

Mortgage Interest Rates

I'm going to touch on the fact that we have interest rates at their lowest level now, dating back to February of 2023. That is correct. Today, for a 30-year fixed mortgage, we're coming in at 6.11%, getting close to that 6% number. We'll have to see what the FED does here in the next week or so regarding changes to the federal funds rate and how that affects the mortgage rate. But as of today, it is 6.11%.

Worcester County Real Estate Market Report

If you are looking for an FHA loan, you're going to be closer to the mid-fives, around 5.62% on average for a 30-year FHA loan as of today. In the actual real estate market, as far as activity goes here in Worcester County, in the last week, we had 76 new listings hit the market, while at the same time, we had 55 go under contract. It's very interesting; we've seen some more inventory, but at the same time, we're seeing a consistent number of transactions. Meanwhile, I'm still encountering certain pockets of the market where my buyers are having a really hard time finding the perfect property or even any inventory. Some segments have lots of inventory, while in other segments, it's going very quickly, and we're not seeing much at all.Countywide, over the last 30 days, if we look at the total actives today, we have 600 properties on the market and are selling at a pace of 178 a month. That gives us a 3.37-month supply here in Worcester County, Maryland. 

Wicomico County Real Estate Market Report

If we go over to Wicomico County, only 20 new listings hit the market in the last 7 days, while 41 went under contract. The total number going under contract is actually close to what we're seeing in Worcester County, but only half of the inventory that we're seeing in Worcester County. Countywide, there are 203 total actives as of today, and in the last 30 days, we sold 98, giving us a 2.07-month supply in Wicomico County.

Sussex County Real Estate Market Report

Finally, in Sussex County, Delaware, our largest county here, things are very balanced. There were 164 new listings in the last 7 days, while 169 went under contract. Countywide, there are 1,860 total for sale as of today, and we're selling at a rate of 585 over the course of the last month, giving us a 3.18-month supply. Still very healthy.

We're going to see interest rates be the topic as we head into the fall. As you can tell, I feel that there's a little sweet spot of opportunity for buyers. If you can find the right inventory, interest rates have declined over the last 12 weeks, and we are currently, as I mentioned earlier, at the lowest level since February of 2023, which helps with affordability. If you can find the right property and negotiate a little bit, it is a sweet spot in the market right now to take advantage of.

Should you have any questions about any aspect of the real estate market, it would be our pleasure to assist in any way that we can. Thanks again! Enjoy the weekend here at the beach, and be on the lookout for those bikers. Thanks again, and talk to you soon.