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Weekly Real Estate Market Report for Delmarva – May 10, 2023

Ryan Haley with Atlantic Shores Sotheby’s International Realty is back with the real estate market update for May 10th, 2023. We are coming up on Mother’s Day weekend, which is probably the biggest event, followed up with Memorial Day weekend after that. So we’re right in the thick of things. The weather’s been getting great, so we’re excited here at the beach. 

With that being said, what has been going on in the real estate market? 

Worcester County, MD

We’ve added some inventory here in Worcester County in the last seven days. We had 65, while at the same time, we had 59 go under contract. So we’ve actually had a few more properties come on than have gone under contract. 

When we look county-wide, the numbers are up a tad as well. It’s seven total actives and/or coming soon as of today, while the pace is 173 have gone under contract in the last 30 days. That gives us 1.8 months’ supply in total in Worcester County, up just a tad

Wicomico County, MD

In Wicomico County, there were 37 new listings and 35 going under contract, adding two pieces of inventory there in the last seven days. There were 125 total actives in the county and 115 under contract in the last 30 days, that gives us 1.1 months’ supply.

Sussex County, DE

In Sussex County, our largest county here on Delmarva, we had 147 new listings in the last seven days, 164 going under high, outselling the inventory there in the last seven days. Sussex County had 1265 total actives and 199 going under contract in the last 30 days, giving us 2.5 months’ supply. That number is actually down a little bit, outselling the inventory a tad there in Sussex County. 

Interest Rates

What are we seeing nationwide? 

We’ve seen interest rates bounce a little bit. Some good data has come out. Inflation is slowing, but at the same time, they definitely are still seeing lots of activity and consumer confidence. 

That being said, if there’s any questions you have about the real estate market or you or even living here on Delmarva, it would be our pleasure to assist.

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