Ryan Haley with Atlantic Shores Sotheby's International Realty is back with the real estate market report for Delmarva, September 5th, 2024. As we close out the chapter of the summer of 2024, we are moving into the shoulder season. We're moving into the fall real estate market, and we’re going to reverse the order a little bit.

Mortgage Interest Rates

We're going to talk about the news of interest rates. What's going on with interest rates? Well, in the last week, we've seen interest rates continue to ease, continue to go down. As of today, we're sitting at 6.335% on a 30-year fixed conventional. When we look at government loans, if you look at an FHA 30-year fixed, it's under 6%, well under 6%, currently sitting at 5.72% for an FHA 30-year loan, which is great news for those people looking to take advantage of that product.

Finally, the 15-year as of today is sitting at 5.85%, which is also great news on the mortgage front. So, what does that all translate into? It translates into more affordability, which we love and which buyers certainly love for our real estate market.

Worcester County Real Estate Market Report

Now, what have we seen because of these lower rates? What's going on in the market? Well, here in Worcester County, 61 new listings in the last seven days while we had 60 go under contract. That's an extremely balanced and great activity market there in Worcester County. Countywide, 593 total actives while we're selling 172 over the course of the last month. That gives us 3.4 months of supply in Worcester County.

Wicomico County Real Estate Market Report

Going over to Wicomico County, staying here in Maryland, 31 new listings while we had 26 go under contract. Still pretty balanced there in Wicomico. 26 total actives while we had 86 go pending in the last 30 days. That gives us 2.5 months of supply in Wicomico.

Sussex County Real Estate Market Report

Finally, in Sussex County, Delaware, in the last seven days, 172 new listings while we outsold that number as we had 187 go under contract in the last week. That certainly shows us that buyers are out there taking advantage of a little bit lower rates and more affordability. 1,864 total actives in Sussex County, and 572 going under contract in the last 30 days. That gives us 3.25 months of supply in Sussex County, Delaware.

So, there you have it. The theme is rates going down, a little bit more to choose from, and a great time to get back into the market if you've been on the sidelines for the past couple of years. If you like this information, please share it with a friend, like, and subscribe to this channel, and we'll see you back here next week with another edition of the Real Estate Market Report.

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