The median home price in the Mid-Atlantic region hit a record high in April at $410,000, according to new data from the Bright MLS service.
Last month, the Mid-Atlantic region saw 25,772 new listings, up 14.7% from one year earlier while active listings were 17.2% above last year. However, overall inventory was half of its level in pre-pandemic April 2019. Closed sales were 7.6% higher than April 2023, and new pending sales were above last year by 3.1%.
“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.”
Within the region’s major markets, the Philadelphia metro area saw the median price of homes sold in April at $365,000, up 10.9% from last year for the fastest year-over-year price appreciation since May 2022. The median sold price in the Baltimore metro area was $381,000, which was 5.8% higher than April 2023 and only $4,000 shy of the record set in both June and August 2023.
The median price in the metro Washington, D.C., market was $640,000, a new record. Median sales prices for detached homes and townhomes were both at record highs, while condo prices were slightly below the February 2024 high.
Photo of Baltimore by Olivier Bruchez / Flickr Creative Commons
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