Skip To Content
  • Home
  • Market Report
  • Weekly Market Update for Ocean City & Surrounding Areas – January 18, 2024

Weekly Market Update for Ocean City & Surrounding Areas – January 18, 2024

Ryan Haley, from Atlantic Shores Sotheby’s International Realty, is here to share the real estate market report as of January 15th, halfway through the month. Let’s dive into what’s happening on Delmarva.

Worcester County Real Estate Market Report

We started off strong in January, and the momentum has continued. In Worcester County this past week, 59 new listings hit the market—a notable increase. Additionally, 43 properties went under contract during this time. Countywide, there is a total of 448 active listings, with 182 going under contract in the last 30 days. This resulted in a slight decrease in the month’s inventory, currently standing at 2.5 months in Worcester County.

Wicomico County Real Estate Market Report

Shifting the focus to Wicomico County, in the last seven days, 26 new listings emerged, while at the same time, 32 properties went under contract. The county has 171 total active listings, and 73 of those went under contract in the last 30 days, providing a 2.3-month supply in Wicomico.

Sussex County Real Estate Market Report

Now, let’s conclude with Sussex County, Delaware, the largest county on the shore. Sussex County boasts 1,371 total active listings, with 314 properties going under contract in the last 30 days. This equates to a 4.4-month supply. In the past week alone, 139 new listings appeared, with 119 properties going under contract during the same period.

Mortgage Interest Rates

Regarding mortgage interest rates, there has been a slight increase, currently standing at 6.77% on average for a 30-year fixed rate. Locally, some buyers have secured rates below this average, particularly with negotiations or by opting to pay for points. A few people have secured rates just under 6%, at 5.99%.

So, that wraps up the real estate market report for Delmarva as of January 15, 2024. Ryan looks forward to sharing more insights like this in the future. If you find this information valuable, please like, subscribe, and share with your friends. Ryan will be in touch soon.

Trackback from your site.

Comments are closed.

About our blog

Our agents write often to give you the latest insights on owning a home or property in the local area.

Global Site Tag: