Delmarva Real Estate Market: "Slowing Down" - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delmarva Real Estate Market: "Slowing Down"

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For Rent sign on a front lawn in Salisbury. (Photo: Bill Mich) For Rent sign on a front lawn in Salisbury. (Photo: Bill Mich)

SALISBURY, Md. - Real estate consultant Bill McCain says the real estate market is slowing down, but not at a rate those on Delmarva should be concerned about.

He says the main reason why, is inventory. 

"Inventory levels are at record lows, there is just not that much available to purchase," McCain said. 

McCain says because there is less homes on the market, it is good for sellers, but not for home buyers. 

"Every single county saw an increase in prices, and the average increase in price was about four percent," McCain said. 

McCain says the county thriving the most on Delmarva, is Sussex County, Del. 

"Sussex is the king of the real estate market when we look at the area regionally," McCain said.  "There is much more sewer availability in the Delaware counties. For example Sussex has about a little over 26 sewer districts. The only sewer districts we have in our Maryland counties is pretty much just the municipalities."

McCain said one unique difference over the last few years, is the number of apartment unit developments that are being built.  He says that largely speaks to the demographics of younger, millennial renters, specifically in Wicomico County. 

"The unique thing is they are really competing for the same type of real estate that the retiree community is competing for. They're looking for smaller homes, efficient homes," McCain said. 

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