The Mid-Atlantic region recorded 12,763 closed home sales during February, according to data from Bright MLS. This is down 4.3% compared to the same time last year. There were 16,020 new pending sales in the region, down 9.1% from a year ago and the lowest February total in more than a decade. The median days on market in February was 19 days, up from 16 days one year earlier.
The decline in sales mirrored the drop in new listings – 8.0% below the February 2024 level, marking the fourth consecutive month of year-over-year declines. However, the median sold price of $400,000 was up 4.4% year-over-year, although Bright MLS noted the pace of home price appreciation has slowed in recent months due to an increase in available inventory.
“Inventory has been steadily increasing in the Bright MLS service area, but we’re seeing more supply primarily because homes are remaining on the market longer, and not necessarily because more homeowners are listing their homes,” said Dr. Lisa Sturtevant, chief economist at Bright MLS. “Listing activity will increase this spring, and lower rates and the pressures of changing family and job circumstances lead more people to sell.”
Among the region’s major metro areas, Philadelphia recorded 4,631 new pending sales in February, down 10.5% year-over-year for the lowest February total in more than a decade. The median sale price of $365,000 was a 7.5% year-over-year increase.
Baltimore’s new pending sales dropped 9.1% in February while the median sale price of $372,250 was up 3.4%.
The Washington, DC area housing market saw new pending sales drop 9.5% from one year earlier while the median sold price of $597,000 was a 6.6% increase compared to last year. Bright MLS added workforce cuts in the federal government coupled with back-to-the-office mandates will likely impact the region’s housing market.
