What do we have going on in the real estate market?

Ryan Haley is back to update us on the real estate market in Delmarva for the week of January 15, 2025.


Well, we just got off of a snow week, and from the other side of that snow week, we had a little bit of pent-up demand. We are certainly starting to see more activity in the marketplace, both new listings and buyers coming out to look at properties.


We also have our first 3-day weekend coming up here—3-day meaning the kids are off school, most of them, for the Martin Luther King holiday. That’s one of the unofficial kickoffs to the spring market in many years.


What have we seen?

Current Market Trends in Worcester County

In the last week, we had 58 new listings come on the market, while 53 went under contract—fairly balanced there. Countywide, there are 569 total actives, with 119 going under contract in the last 30 days. That gives us a 4.8-month supply. Sales have picked up a little bit, which has brought that month supply down.

Wicomico County Market Overview

For the last week, we had 22 new listings while 14 went under contract during that time. Total actives in the county are 26, while 57 went under contract in the last 30 days. That gives us a current 3.8-month supply.

Insights into Sussex County, Delaware

There were 133 new listings while 117 went under contract countywide. There are 1,636 total actives, with 327 going under contract. That gives us an even 5-month supply in Sussex County.

Interest Rates and Impact

When we look at interest rates, they’ve been bouncing a little bit—it’s been a bit of a bumpy ride. We are currently sitting at 7.25% on the 30-year fixed, and our government loans are just over 6.5% for this week.

Conclusion

Like I said, some new listings are hitting the market. We just put two new ones on yesterday as "coming soon." They’ll be on the market this weekend. Another one will be going live tomorrow as "coming soon," so there is more to choose from, and there is definitely more activity.

We would be happy to discuss the market with you. If there are specific areas you want to focus on, we’d be happy to schedule a time to talk. If you’ve been thinking about buying or selling, we’re here to assist.

Otherwise, we’ll see you next week with another edition of the Delmarva Real Estate Market Report.