Bright MLS, which covers the mid-Atlantic regions of the eastern United States, has published its latest report chronicling changes (and continuity) in the region’s housing markets.
The report suggests that despite new listings, rising mortgage rates and prices continue to exclude potential buyers–affordability is defined as the central concern for the real estate market.
“More supply is good news for the housing market, but there is still a long way until we are back to a balanced housing market,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Affordability is a big challenge, and we see signs that summer buyers are holding back—like the fact that new listings are up, but showing activity is low.”
Key details about the Bright MLS service area:
The median home sale price in the Mid-Atlantic reached a new peak in April 2024 ($410,000).
There were 25,772 new listings in April 2024–a 14.7% increase year-over-year.
In April 2024, closed sales in the mid-Atlantic were up 7.6% year-over-year and pending sales were up by 3.1%. However, both closed sales and new pending sales are slightly lower than 2023 overall.
Of the major metro areas in the Bright MLS service area, Washington D.C. continued to have the highest flat median sale price ($640,000, described in the report as a “new peak”). However, both sales (closed up by 7.4%, pending by 4%) and listings (+6,569, or +21.8%) were up as well in DC during April.
Philadelphia reported a ramping up market in April 2024, with a higher median sale price ($365,000, 10.9% higher year-over-year) – the fattest year-over-year price increase since May 2022. Inventory is increasing (and selling, with an average of nine days on the market) more quickly than it did in 2023 as well.
In Baltimore, inventory increased 15.7% year-over-year and listings sell after an average of eight days on the market. Median price in Baltimore is $381,000, 5.8% higher than April 2023.
