Welcome back to another edition of the Delmarva Real Estate Market Report.

What have we seen in the last seven days? Well, we have the lowest interest rates we've had since last November and an uptick in activity, which is all great news.

Current Market Trends in Worcester County

We're going to start off here with Worcester County, Maryland. In the last seven days, we had 68 new listings hit the market, while at the same time, 53 went under contract. That’s almost double the number of properties going under contract compared to last week at this time.

Looking countywide, there are 659 total active listings for sale as of today. We are selling at a pace of 158 over the last 30 days, giving us a 4.2-month supply. If we keep up this pace, we’ll be well over 200 properties going under contract in the next 30 days. Activity is starting to pick up here at the beach!

Insights into Sussex County, Delaware

Now, moving up to Sussex County. In the last seven days, we had 179 new listings while 141 went under contract. Countywide, we have 1,828 total actives as of today, with 437 properties sold over the last 30 days. That gives us an even 4.2-month supply, just like Worcester County. So, our coastal markets currently have a 4.2-month supply.

Wicomico County Market Overview

Heading west to Wicomico County, in the last seven days, 22 new properties hit the market, while 25 went under contract—outpacing new inventory. Countywide, there are 229 active listings today, and we’ve sold 82 properties in the last 30 days. That gives us a 2.8-month supply, the lowest inventory here on Delmarva.

Interest Rates Update

Now, I mentioned at the beginning that interest rates are dropping. The 30-year fixed rate as of today is down to 6.8%, meaning we are well under that 7% mark. As I’ve mentioned earlier this year, you need to keep an eye out for opportunities when rates drop. Over the last five weeks, we’ve been hovering just over 7%, so this is great news.

If you look at government loans—FHA, USDA, and VA—right now, we're averaging around 6.18%.

Conclusion

So, there you have it! That’s the recap of what we’re seeing here at the beach—lower interest rates and more activity.

If you like this information, please share it with a friend! If you’d like us to break down any specific segment of the real estate market, let us know—we’d be happy to do that.

Thanks again, and have a great day!