February closed sales totaled 12,618 across the Mid-Atlantic region covered by the Bright MLS service area, down 1.1% year-over-year, while new pending sales were down 0.5% from one year earlier.
New listings for the region totaled 15,833, down 11.1% year-over-year, while active listings were up 9% as homes stayed on the market longer. The median days on market was 27 days, which was more than a week longer than last year.
February’s median sold price of $408,500 was up 2.1% year-over-year, the slowest pace growth since May 2023.
“The outlook for the spring homebuying season in the Mid-Atlantic has become cloudier,” said Bright MLS Chief Economist Lisa Sturtevant. “If the conflict with Iran is limited, the housing market could rebound quickly. However, a prolonged conflict could stall home sales activity this spring. The combination of declining seller inventory and cautious buyers creates uncertainty about whether the market will tighten or continue its move toward balance.”
Among the region’s major metro markets, Philadelphia’s closed sales were 8.5% lower year-over-year while pending sales fell by 4.7%, marking the fourth consecutive month of year-over-year declines in new pending sales. The 4,574 new listings were a record low for the month in the metro going back to 2003 and represented a 14.3% decline from one year earlier.
In the Baltimore metro area, new listings plummeted by 14.8% year-over-year to 1,989, while closed sales were down by a scant 0.1% and new pending sales inched up 0.2%.
In the Washington, DC, region, new listings fell to historic lows with only 3,574 new listings in February, a 12.8% decline from one year before and the lowest number for the month since at least 2003. However, new pending sales increased 3.9% year-over-year while the median price was up 2.2% to $610,000.
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