Home sales activity was on the rise across the Mid-Atlantic region in November, according to new data from Bright MLS.
Across the Bright MLS service area, there was a 5.7% year-over-year increase in the number of homes for sale. This marked the third consecutive month of a year-over-year spike, with year-to-date sales activity now tracking ahead of last year’s numbers.
The increase in sales occurred despite a 5% year-over-year drop in new listings and a 7.8% year-over-year rise in the median price, which remained at $410,000 for the third month in a row.
“There are buyers out there who have been waiting a long time to get into the market,” said Dr. Lisa Sturtevant, Bright MLS chief economist. “Some are going to wait for mortgage rates to fall further. But for others, after rates have been close to 7% earlier this year, a rate in the mid-6s is good enough for them to buy.”
Among the major metro areas in the Bright MLS territory, Philadelphia recorded 2.8% increase in closed sales compared to November 2023, with a median price of $377,000 that was up 6.2% year-over-year. Baltimore saw an 8.3% year-over-year closed sales increase for November with a $399,945 median price that was 8.3% higher from the previous year. And the Washington, DC metro area recorded 45,860 closed sales that put the total year-to-date sales above 2023’s total plus a $600,000 median price that was up 5.3% compared to one year ago.
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