A total of 22,021 homes went under contract in March across the Mid-Atlantic market serviced by Bright MLS, which reflects a 39.5% month-over-month upswing. On a year-over-year basis, pending sales were up 2.8%.
There were 24,654 new listings coming onto the market across the Bright MLS service area in March, up 12.6% year-over-year and up 38.5% month-over-month. Showings are also on the rise – there 442,672 home showings across the Bright MLS service area last month, slightly down from one year earlier but up 39.5% from February. The typical home took 12 days to go under contracts, two days slower than one year ago but is seven days quicker than in the previous month.
Also on the rise were home prices. In March, the median sold price in the Bright MLS service area was $410,000, which was up 4.1% year-over-year – although this was also the slowest pace of home price appreciation since July 2023.
“Falling mortgage rates could give the housing market a boost this spring,” said Dr. Lisa Sturtevant, chief economist at Bright MLS. “But weakening economic conditions, more uncertainty, and growing consumer anxiety could have a dampening effect on the market.”
Among the region’s major metro markets, Philadelphia recorded 6,535 new pending sales in March, which was up 4.5% compared to a year ago and up 41.1% from the prior month. The median sold price in March was $368,000, increasing by 5.1% year-over-year.
In Baltimore, there were 3,092 new pending sales in March, up 1.2% compared to last March and up by 34.5% from February. The median sold price of $379,900 last month was up 2.7% from one year earlier.
A total of 5,925 new listings came onto the market across the Washington, DC, region in March, up 19.2% year-over-year and up 44.5% month-over-month. Last month’s median sold price was $625,000, up 4.2% for the slowest year-over-year price gain since October 2023.
