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Weekly Market Update for Ocean City, MD & Surrounding areas – March 19, 2024

Ryan Haley returns with the real estate market report for March 19th, 2024.

What are we seeing here on Delmarva? 

Mortgage Interest Rates

Well, we’re going to start off with interest rates across the board. Our rates for a 30-year fixed interest rate mortgage program right now are coming in at 7.11%, with all of our government loans actually under 7%. So, your FHA, your USDA, and your VA loans are coming in under 7%.

Worcester County Real Estate Market Report

If we look at Worcester County, Maryland, in the last 7 days, we had 80 new properties come on the market, while we had 73 go under contract in that time. For the last 30 days, 521 total actives countywide, while we had 208 go under contract. That gives us a 2.5 month supply here in Worcester County, Maryland.

Wicomico County Real Estate Market Report

Wicomico, this is a bit of a surprise here. Only 23 new listings in the last 7 days, but we had 61 go under contract, almost three times going under contract versus what came on the market countywide. 149 total properties for sale, while we’re selling 133 a month. That gives us a 1.1 month supply, so very tight in Wicomico County, and that has been the theme now for months, with mostly a primary residence market in Wicomico County.

Sussex County Real Estate Market Report

Sussex County, Delaware, even 200 new listings, but we had 182 go under contract in the last 7 days. That gives us 1,564 total actives in Sussex County, Delaware, while 534 have gone under contract in the last 30 days. That gives us a 2.9 months’ supply. 

So, Worcester County, Maryland, and Sussex County, Delaware, both coming in just under that 3-month supply mark, and Wicomico County remains hot with a 1.1 month supply there.

There you have it, that is the real estate market report here for Delmarva for March 19th, 2024. If you like this information, please share it with a friend, and we look forward to seeing you back here next week with another edition of the Delmarva real estate market report.

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