In April, new listings increased 14.7% year over year in the mid-Atlantic region, driving up home prices across the region, according to a new report from Bright MLS, a multiple listing service (MLS) formed in 2016 from the consolidation of nine other MLS in the Mid-Atlantic region.
“More supply is good news for the housing market, but there is still a long way until we are back to a balanced housing market,” said Dr. Lisa Sturtevant, Bright MLS chief economist. “Affordability is a big challenge, and we see signs that summer buyers are holding back – like the fact that new listings are up, but showing activity is low.”
The median sale price across the Bright MLS service area was $410,000 in April, a new record high. Despite the increased prices, median days on market indicates competition remains tight, with half of the homes sold in the service area in April off the market in eight days or less.
Both closed sales and new pending sales only slightly lag 2023, down 0.9% and 0.4% year to date, respectively.
In the Philadelphia metro area, price growth is at a two-year high according to the report. The median price of homes sold in April in the Philadelphia metro area was $365,000, which is 10.9% higher than a year ago, the fastest year-over-year price appreciation since May 2022.
Meanwhile, in the Baltimore metro area, inventory at the end of April 2024 was 15.7% higher than April 2023, with nearly 4,000 homes on the market – the highest number of homes available at the end of April in the Baltimore metro area since 2020. Despite the additional selection, homes are moving off the market quickly.
Nearly half of the homes sold in April 2024 in the Baltimore metro area were on the market for eight days or less, only one day slower than April 2023. The median sold price in the Baltimore metro area was $381,000, which was 5.8% higher than April 2023.
More inventory has also led to more transactions in the Washington D.C. metro area. For three consecutive months, active listings have trended higher than last year. At the end of April, there were 6,569 active listings, which is 21.8% higher than April 2023.
Up 7.4%, closed sales surpassed what they were last April in the Washington D.C. metro area. Pending sales also improved, up 4.0%. The median price in the metro was $640,000 in April 2024, hitting a new record.
