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Weekly Local Real Estate Market Report for Delmarva – May 3, 2023

Ryan Haley with Atlantic Shores Sotheby’s International Realty offers some insight on the real estate market in Delmarva for May 3rd. 

This coming weekend is Spring Fest, which is one of those great weekends here in the Ocean City area that a lot of our owners have a tendency to come back. People who haven’t been here for a while are coming back to town to enjoy the activities of Spring Fest at the inlet in Ocean City. So, be sure to check that out.

What’s going on with the real estate market? 

Worcester County, Maryland

In Worcester County, Maryland, in the last seven days, we had 58 properties come on the market, while we had 57 go under contract. This is a first. This is the first time in quite some time where we actually have added a little bit of inventory. It’s one unit, but it is a little bit more inventory. That’s great for those who are looking to purchase. Obviously, you like to have some options, and if more inventory out there for you to choose from, that certainly helps you.

What does it look like countywide for the last month? 

Currently, we have 288 properties for sale in Worcester County. In the last 30 days, we had 179 go under contract. That’s 1.6 months’ supply here in Worcester County, Maryland. 

Sussex County, Delaware

Moving to Sussex County, Delaware. In the last seven days, we had 151 new listings, while we had 150 go under contract, once again adding one piece of inventory in the last seven days county-wide.

There were 1252 total actives on the market, while we had 486 go under contract here in the last 30 days, giving us 2.6 months’ supply. 

Wicomico County, Maryland

Rounding out Delmarva with Wicomico County, 29 new listings in the last seven days, while we had 40 go under contract, so certainly outselling the new inventory in Worcester County. County-wide, 123 active for sale, 111 under contract in the last 30 days, giving us 1.1 months supply.

Market Nationwide

National news, we have seen the roller coaster of interest rates, but the trend has been here middle of the week is we are seeing interest rates come back down. So, we saw it kind of bounce up there close to seven percent. 

Currently, we are 6.49% on a 30-year fixed mortgage. Great news for those of you who are looking to obtain a mortgage and buy more house. Obviously, when the rate’s a little bit lower, you can buy more house.

So, there you have it. That is the real estate market report for this week. If you guys have any questions at all, please feel free to reach out. 

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