Ryan Haley is back with the Delmarva real estate market report, and we are into April 2nd, 2025. Just got past April Fool's Day. Hopefully, you made it through without too many jokes there. But not joking, we are actually going to report on what is happening here in the spring real estate market.

Current Market Trends in Worcester County

Starting off here in Worcester County, we are definitely seeing some more activity and some more opportunities for you as a buyer. New listings here in the last seven days: 93 coming on, as opposed to 56 going under contract. So, we didn't quite double the inventory, but we came close, definitely adding some options here for you at the beach.

Total actives countywide: 734 as of today, while we're selling them at 188 over the course of the last 30 days. That gives us a 3.9-month supply in Worcester County.

Wicomico County Market Overview

Hopping over to Wicomico County. 31 new listings, while we had 38 go under contract. So, a little bit of a bump in activity there. The inventory has pretty much stayed the same. As I mentioned last week, it's like clockwork every single week 28, 29, 30. This week: 31 new listings in Wicomico County, but we had 38 go to contract. So, we outsold the new inventory.

Countywide, 236 total actives as of today, and we're selling at a pace of 106 over the last month. That gives us a 2.2-month supply in Wicomico.

Insights into Sussex County, Delaware

Sussex County, Delaware. 259 new listings in the last seven days, while we had 171 go under contract. Countywide, as I mentioned last week, we broke up over 2,000 total homes for sale, which also includes new construction inventory. As of today: 2,889 total actives in Sussex County, and we're selling at a pace of 559. That gives us a 3.7-month supply.

So:

• 2.2-month supply in Wicomico,

• 3.9-month supply in Worcester County, and

• 3.7-month supply in Sussex County.

Interest Rates Update

Where are interest rates? Well, our mortgage interest rates are not directly tied to what the Fed does. You might have heard last week that the Fed decided not to reduce interest rates, but 30-year and long-term interest rates are tied more to the 10-year Treasury. As of today, it’s at its lowest level that it's been in months. So, that has given us some relief when it comes to mortgage rates.

As of today, we're sitting at 6.71% on average for the 30-year fixed. Your 15-year mortgage is coming in at 6.15%, getting very close to that 6% number. So, that is all encouraging.

Some people might ask: why are we seeing mortgage interest rates go down? A lot of that has to do with uncertainty. As some of you know, if you watch the news, we have some uncertain times when it comes to what is going on in Washington. Well, uncertainty actually helps us in real estate, as that is what pushes down the rates a little bit. Nobody is expecting huge drops in rates, but we are seeing a little bit of relief, which in turn is making homes more affordable.

Conclusion 

So, that has been the theme here for the last week. We're seeing an increase in inventory, we're seeing an increase in activity, and we're seeing improvements in the interest rate.

If you like this information and would like me to break down any specific segments of the market, please feel free to reach out. It would be my pleasure to assist in any way that I can.

Till next time, thanks again for tuning in, and we'll talk to you soon.