New listing activity in the Mid-Atlantic region is up 5.5% year-to-date, with active listings at the end of July up 24.7% year-over-year, according to new data from Bright MLS.
The median sold price in the Bright MLS service area in July was $420,000, up 5% year-over-year, while half of the homes in this area were off the market in nine days or less – in comparison, the median days on market in July 2023 was eight days and in July 2019 they were typically on the market for 18 days.
“Improving inventory across the Mid-Atlantic means homebuyers in today’s market have more options than last year,” said Dr. Lisa Sturtevant, Bright MLS’ chief economist. “However, affordability is still a challenge for many would-be homebuyers. Mortgage rates are falling, which is a good sign for buyers, but prices are still at near-record highs in many markets. Many buyers, particularly first-time buyers, will continue to be priced out.”
Amid the region’s major markets, Philadelphia’s number of active listings at the end of July was up 17.9% from last year, marking the fourth consecutive month that inventory has climbed. Half of all homes that sold in July were on the market for 10 days or less, while the $395,000 median sold price in July was up 7% compared to one year ago.
In the Baltimore metro market, home sales increased 7.9% year-over-year in July – although year-to-date transactions were lower than the same period in 2023. The median sold price of $403,000 was 6.1% higher year-over-year as the number of active listings at the end of last month soared 30.2% compared to July 2023.
In the Washington, DC, metro area, active listings were up 28.1% compared to a year ago, marking the sixth consecutive month of inventory gains. The condo inventory has increased with greater speed and is now at pre-pandemic 2019 levels. Home sales were up 10.3% in July compared to one year ago, but year-to-date sales were 1.4% below last year’s level. And the median sold price of $625,000 was up 5.9% from last year.
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