Closed sales across the Mid-Atlantic region services by Bright MLS were down 4.6% year-over-year in November while new pending sales were 1.6% lower over the same period.
The number of new listings coming onto the market last month was 4.4% lower compared to November 2024 while the 43,026 active listings across the Bright MLS service area was up 19.7% compared to one year ago. The median days on market in November was 20, nearly a week slower than one year earlier.
The region’s median sales price was $420,000, up 2.4% from the previous year.
“Even with somewhat lower mortgage rates, homebuyers and sellers are still very cautious,” said Lisa Sturtevant, Bright MLS chief economist. “Economic uncertainty and ongoing affordability challenges remain the biggest constraints on the Mid-Atlantic housing market as we head into the final stretch of 2025.”
“There is still a considerable amount of pent-up demand in the Mid-Atlantic,” Sturtevant added. “However, many of these would-be buyers are waiting for a more favorable combination of mortgage rates and home prices before entering the market.”
Among the region’s major metro areas, Philadelphia recorded 4,754 closed sales in November, a 3.9% decline from one year earlier, while there were 11,685 active listings for sale across the region, up 7.8% from last year. The median sold price was $390,000, a 3.4% increase year-over-year.
In Baltimore, closed sales fell 9.1% from one year ago while new listings were down 3.5% – even though active inventory jumped by 27.2%. The median sold price in the Baltimore metro area was $399,990, essentially flat year-over-year.
In the Washington, DC metro area, closed sales were down by 6.4% year-over-year. There were 9,142 homes available for sale across the metro area, a 33.7% increase from one year ago, while the median sold price was $630,000, a 5.0% year-over-year gain fueled by higher-end buyers. Stronger market conditions are found in the Northern Virginia areas, with weaker conditions in the District of Columbia and the Maryland suburbs.
