The number of active listings in the Mid-Atlantic region totaled 37,340 at the end of August, up 21.4% year-over-year, according to new data from Bright MLS. This represented a 2.06-month supply regionwide.
Sales activity last month was more robust in the Mid-Atlantic region’s smaller markets compared to the larger metros, with limited homeownership affordability continuing to create difficulties. The median sold price in the Bright MLS service area last month was $418,000, up 4.2% from one year earlier.
Sales activity was stronger in the Mid-Atlantic region’s smaller markets, while sales were cooler in the big metro areas. Affordability is a key constraint for some buyers. The median sold price in the Bright MLS service area in August 2024 was $418,000, up 4.2% from a year ago.
Among the region’s major markets, the Greater Philadelphia area recorded 6,102 total home sales, down 0.8% year-over-year, while the median sold price was $395,308, up 6.8% year-over-year. Baltimore recorded 2,806 total home sales in August, down 3.3% from one year earlier, while the median sold price was $395,000 in August, up 2.6% over last year – this was the slowest home price growth in the region since May 2023.
For the District of Columbia metro area, the total of 4,351 sales in August was a 5.1% decline from one year before – the lowest August sales total in 16 years. The median price in August was $612,000, up 4.6% year-over-year.
“Homebuyers are taking advantage of more inventory to be choosier and to take more time deciding on a home,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “However, the market is still competitive and, depending on the price point and location they are looking in, buyers still need to be prepared to act quickly.”
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