Ryan Haley is back to bring you with the real estate market report for September 20th, 2023.
Is this the week of change that many buyers have been looking for?
Well, for the first time in quite some time in all three counties, we have seen more inventory hit the market than we have seen properties go under contract. This is great news for any buyers who’ve been watching the market for some time and are looking to try to secure that property before things change again and there’s less inventory.
So, what are we looking at in the last week?
Worcester County, MD Market Update
In Worcester County, Maryland, we saw 75 new listings hit the market in the last seven days, while we had 42 go under contract, definitely adding some inventory there. There were 392 county-wide active properties, while we had 179 go under contract here in the last 30 days. That gives us 2.2 months’ supply currently in Worcester County, Maryland.
Sussex County, DE Market Update
Sussex County, Delaware, our largest county, had 182 new listings in the last seven days, while we had 170 that have gone under contract in that period of time. County-wide, there were 1,351 total actives and just shy of 500, that’s 499 properties going under contract here in the last 30 days. That’s actually a tick up a little bit, so the demand is even increasing there in Sussex County. That gives us 2.7 months’ supply.
Wicomico County, DE Market Update
Finally, in Wicomico County in Maryland, we had 38 new listings hit the market while we had 33 go under contract. So in both Sussex and in Wicomico County, we’ve seen the number of new contracts increase, but at the same time, we also saw the inventory increase. So that is once again great news, a few more options for those buyers out there who are looking to take advantage of the inventory and secure property.
What Is Going on With Interest Rates?
Interest rates are down just a tick from where they were last week. Currently, 7.28% is the average 30-year fixed mortgage rate. Then big news as of today, the Fed has announced that they are not going to increase the federal funds rate, so they’ve remained constant. We are not going to see an increase in the interest rates from the Fed this month, here in September.
Once again, this as an opportunity for the buyers that have been looking for some time. WeI’ve got a huge list of folks who are just looking every single day, and they’re asking me questions from time to time, and then you know the property has a tendency to go under contract very quickly. So, there are a lot of people with this pent-up demand that are waiting for the inventory. Well, this is your chance.
So there you have it, that is the real estate market report for Delmarva for September 20, 2023. If you like this information, please share it with a friend and/or reach out to us with any specific questions and any specific neighborhoods you’d like to know more about.
Curious about the value of your home? Curious if now is the time to sell? Love to talk to you about that as well. We’ve got some great tips that can help you stand out from the crowd and will put you in a great spot to win when it comes to selling. We’ll see you next week here for another real estate market report.