Bright MLS issued new data that found 19,909 home sales across its Mid-Atlantic service area in August, a 2.7% year-over-year decline, while a total of 21,963 new listings came onto the market last month, down 2.3% from one year earlier.
By the end of August, there were 45,956 active listings for sale in the Bright MLS service area, a 23.1% increase from the previous year. Bright MLS attributed this to the increased number of condominiums and, in some markets, townhomes available for sale.
The region’s median sold price in August was $432,999, which was up 3.6% year-over-year, while the median days on market was 15, four days slower than the prior year.
“Many prospective homebuyers are being left on the sidelines, even as mortgage rates have started to ease,” said Lisa Sturtevant, chief economist at Bright MLS. “Affordability remains a big challenge in the market and will only improve with further rate declines and slower price growth.”
Sturtevant added, “In addition to fewer new listings, more sellers are pulling their home off the market. Our recent survey found that the main reason sellers are delisting is because they are not getting offers at the price they hoped for. There is going to be a period where sellers will need to reset their price expectations, but many will relist their homes in the coming months.”
Among region’s major submarkets, there were 6,000 sales in August across the Philadelphia metro area, a 1.7% drop from last August, while the median sold price last month was $405,000, which was a 2.5% gain from August 2024 and the smallest year-over-year increase in the median price since May 2023.
Baltimore’s 2,788 closed sales last month represented a 0.6% while the median sold price in the Baltimore metro area was $415,000, up 5.1% compared to one year ago. And the Washington, DC-area saw 4,264 closed sales, down 2% from one year before, while the median sold price in August was $625,000, which was up 2.1% compared to the previous year.
