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Weekly Market Update for Ocean City, MD and Surrounding Areas – January 24, 2024

Ryan Haley with Atlantic Shores Sotheby’s International Realty is back with the Delmarva real estate market report for January 24th, 2024. So far, the resort real estate market in 2024 is off to a great start. We’re seeing increased activity. 

Obviously, we’ve experienced some lower interest rates here than what we saw at the end of last year, which is fantastic, and we’ve got some more inventory to choose from, which is great if you’re trying to secure that property here before the summer months, which will be here before we know it. As you can see, we’re already in the third week in January. 

Worcester County Real Estate Market Report

So, what’s going on with the real estate market here in Worcester County, specifically? In the last 7 days, we had 51 new listings hit the market in Worcester County, while we had 47 go under contract. If you recall back in December, these numbers I was coming out with were like in the 30s, so we’re seeing more flow, more activity for sure over the last couple weeks here. Countywide, there were 447 total actives, while we had 126 go under contract here in the last 30 days. That’s a 3.5-month supply in Worcester County. 

Wicomico County Real Estate Market Report

Hopping over to Wicomico County, 21 new listings here in the last 7 days and outselling that number, we had 26 go under contract. There were 176 total actives in the county, and then 75 going under contract in the last 30 days. That gives us a 2.3-month supply currently. 

Sussex County Real Estate Market Report

Rounding out Delmarva, Sussex County, Delaware, the largest county on the shore here, 11 new listings to choose from in the last 7 days, while we had 132 go under contract, so once again, outselling the new inventory. There were 1,362 total actives in Sussex County, while we had 320 go under contract in the last 30 days, and that gives us a 4.3-month supply in Sussex County, Delaware. 

Mortgage Interest Rates

So once again, like I said, we have been fueled by some relief in the mortgage interest rates. I anticipate that we’re going to continue to see them in that 6 and 1/2 to 6 and 3/4 range here for the next few months. We’ll see what the FED does as we get into further down the road here in 2024 if they give us any relief there. 

The stock market’s been doing well, so there is some positivity in the air, and I like that. We’ve turned the corner, we are through the holiday, and looking forward to the summer months that will be hitting us here before we know it. 

So if you like this information, please share it with a friend, like, subscribe, and I look forward to seeing you back here next week for another edition of the Delmarva real estate market report. Thanks again.

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