The July median home price in the Mid-Atlantic region – defined as Delaware, the District of Columbia, Maryland, New Jersey, Pennsylvania, Virginia and West Virginia – was $400,000, up 3.9% year-over-year and the strongest price growth since January.
According to data from Bright MLS, higher prices weren’t the only thing frustrating buyers –regional new listings were down over 29% year-over-year and active listings were down 19.1%. As a result, new pending sales declined 13% from one year earlier across the region while closed sales were down 20% from July 2022.
“It’s been surprising to me that higher rates and prices have not pushed more people out of the market, particularly first-time buyers,” said Dr. Lisa Sturtevant, Bright MLS chief economist. “Buyers are definitely having to get creative to navigate the competitive market, with assumable mortgages and seller financing now part of the conversation for some.”
Across the region, the median price in the Philadelphia metro area in July was $369,000, just shy of the $370,000 record in June, while the median sales price in the Washington, D.C. metro area was $590,000, a 4.8% rise from one year earlier and the biggest year-over-year increase since June 2022. Central Pennsylvania’s median price of $275,000 in July was 7.8% higher than last year and only $2,000 below the record high median price from the prior month, and the Maryland/West Virginia Panhandle’s median price of $295,000 was the highest recorded for the region.