The Mid-Atlantic region recorded a total of 13,117 transactions closed in January, up 8.5% increase from one year earlier, while the total of 14,971 new pending sales in January was down 5.2% from one year ago, according to data from Bright MLS.
Showing activity was also down year-over-year for the region – a 6.5% decline in the number of prospective buyers touring homes. However, there were also fewer homes to tour –a total of 16,680 new listings came onto the market last month, down 3% from in January 2024. The median days on market for January was 22, three days slower than a year ago.
As for the cost of housing, the region’s $390,000 median sold price marked a 5.4% year-over-year upswing.
“There is a lot of pent-up demand in the market, and many buyers who have been on the sidelines were hoping 2025 would be their year,” said Dr. Lisa Sturtevant, Bright MLS chief economist. “Economic uncertainty and affordability challenges are going to cause some of those buyers to put off their purchase until later in the year.”
Among the region’s major housing markets, the median sold price in Philadelphia was $357,250, up 5.1% compared to last year and the slowest pace of home price appreciation since June 2023. Nonetheless, home prices in this market were up by nearly 50% over the past five years.
The median sold price in the Baltimore market was $363,000 in January, a 2.3% year-over-year increase and the slowest pace of home price appreciation since May 2023. And the Washington, DC, area’s median sold price was $558,285, up 4.4% compared to a year ago and the lowest year-over-year price change since October 2023.
