Ryan Haley is back with the real estate market report—the final real estate market report for 2024. We are closing this chapter and coming to you today on December 31st.

So, what have we seen in the real estate market? Well, obviously, we're in between the holidays here. We just had a great Christmas, finished that up, and then tomorrow is New Year's Day. This time of year, sometimes we see a little bit less activity; other times, we see a bump in activity.

What I have found is that if I look back at the last week or so, the numbers are down a little bit compared to what we have seen. I think some of that has to do with the holiday being in the middle of the week. However, since Christmas, I’ve noticed an increase in activity all around, from both sellers and buyers. I’m anticipating that in the next couple of weeks, we’re going to see that translate into higher numbers in the 7-day window.

Current Market Trends in Worcester County

Let’s start off with Worcester County, Maryland. In the last seven days, we had eight new properties hit the market, while 22 went under contract. So, although the volume is down, we’re actually selling more than what has come on the market. Countywide, there are 575 total actives, with 89 going under contract in the last 30 days. That gives us 6.5 months of supply. This is up a little bit, but I do believe the holiday week has given us some artificial numbers.

Wicomico County Market Overview

In Wicomico County, we had 11 new listings and 16 properties go under contract. Once again, more properties went under contract than came on the market. There are 218 total actives in Wicomico County, with 75 going under contract in the last 30 days. This gives us 2.9 months of supply.

Insights into Sussex County, Delaware

In Sussex County, we saw 59 new listings in the last week, while 61 properties went under contract. The county has 1,726 total actives, with 293 going under contract in the last 30 days. This results in 5.9 months of supply.

The theme across all counties is consistent: we’ve had more sales than new inventory hitting the market in the last week.

Interest Rates and Their Impact

Looking at interest rates, we’re just over 7% for a 30-year fixed conventional loan. FHA, USDA, and VA government loans are currently in the 6.35% range for a 30-year loan.

Conclusion

So, there you have it! I want to once again reach out and thank you. It has been an absolute pleasure bringing you this news on a weekly basis. Thank you for tuning in every week. I want to wish you and your family a very Happy New Year. We look forward to seeing you back here at the beach in 2025.

Until next time, Happy New Year!