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Weekly Market Update for Ocean City, MD and Surrounding Areas – February 6, 2024

Here’s another real estate market report for Delmarva fron Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty. Today, it’s February 6th, 2024, so we are continuing on with this early spring uptick in real estate activity, which has been very welcomed. We’ve had good weekends with lots of people in town, multiple open houses, and the activity seems strong for this time of year.

Worcester County Real Estate Market Report

What have we seen here in Worcester County in the last 7 days?

We had 63 new properties come on the market while we had 48 go under contract, so a little bit more inventory to choose from, which is great news for our buyers. Countywide, 461 total actives for sale, and we had 147 go under contract in the last 30 days. That gives us a 3.1-month supply in Worcester County.

Wicomico County Real Estate Market Report

In Wicomico County, 28 new listings in the last 7 days while we had 32 go under contract, so selling a few more there than came on the market. Countywide, 174 total actives and 96 under contract in the last 30 days. That’s a 1.8-month supply, under two-month supply in Wicomico County. That market remains very tight.

Sussex County Real Estate Market Report

Rounding out Delmarva, Sussex County, Delaware, 136 new listings in the last 7 days while we had 134 go under contract, very balanced there in Sussex County when we look at the whole county. 1,370 on the market today while we’re selling 414 on a monthly basis. That gives us a 3.3-month supply. That month supply has continued to come down here over the last few weeks and the last couple of months.

Mortgage Interest Rates

Where are we at interest rate wise? Interest rates, with the news that came out last week that the economy has grown and our jobs report has remained strong, that has actually made mortgage rates tick up a little bit. As of today, we’re at 6.9% on average on the 30-year fixed.

So there you have it, that is the market report here for Delmarva for February 6th, 2024. If you like this information, please share it with a friend, like, and subscribe, and we’ll see you back here next week with another edition of the Delmarva real estate market report.

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