A total of 19,945 new pending sales were recorded during September in the Mid-Atlantic region covered by Bright MLS, up 10.3% from year ago.
The increase in pending sales was fueled by a regional housing inventory that has been increasing for eight consecutive months. There were 38,205 total active listings by the end of September, up 16.8% year-over-year. However, overall inventory is still just over half of what it was in pre-pandemic 2019, which contributed to a $410,000 median sale price was up 6.4% from last September.
“There are many prospective homebuyers who have been waiting for mortgage rates to fall,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “The recent drop in rates has motivated both home buyers and home sellers to get into the market, which means that it will likely be a very busy fourth quarter.”
Among the major metro areas in the region, there were 5,660 new pending sales across the Philadelphia market last month, which was up 5.9% compared to a year ago, and the median sold price was $379,900. Baltimore’s pending sales were up 10.6% year-over-year, while the median sold price was $397,855, a 4.7% year-over-year increase. And the Washington, DC region saw a 15.7% year-over-year spike in pending sales and a median sold price in September was $599,000, which was up 8.9% from a year ago.
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