More new listings drive inventory
higher
- At $410,000, the median price in
the Mid-Atlantic hit a record high in April. Prices rose across
home types and reached new highs in four of the nine subregions in
the Bright MLS service area.
- There were 25,772 new listings across the Bright MLS service
area in April 2024. New listings
increased from last month and were 14.7% higher than a year
ago.
- All regions in the Bright MLS service area had higher new
listings in April 2024, and the
number of active listings at the end of the month was higher than a
year ago in all regions. Still, overall inventory is half of its
level in April 2019.
- Closed sales were 7.6% higher than April
2023, and new pending sales were above last year by 3.1%.
However, year to date, both closed sales and new pending sales are
lagging slightly behind 2023.
- While the market remains competitive, there are some buyers who
are being sidelined by high mortgage rates, passing 7% again in
mid-April, and record high prices. Affordability will be a key
factor in the market throughout the rest of the spring and into the
summer.
NORTH
BETHESDA, Md., May 10, 2024
/PRNewswire/ -- Buyers awaiting more selection have had their wish
granted in 2024. New listings increased 14.7% in April 2024 and year-to-date have increased 4.4%
compared to the number of new listings coming onto the market in
the same period in 2023.
Bright MLS April
2024 Housing Report: Home prices hit new record highs in
some markets in the Mid-Atlantic
Higher new listings have boosted supply in the Mid-Atlantic
relative to last year. All metro areas had more active listings at
the end of April 2024 than were on
the market in April 2023. After three
consecutive months of growth, active listings were 17.2% above last
year with some metros boasting even stronger improvements.
"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 was $410,000
in April, a new record high. Further, the median days on market
indicates competition remains tight, with half of the homes sold in
April off the market in eight days or less.
Yet buyers have continued to make purchases across the
Mid-Atlantic. Closed sales in April
2024 were 7.6% above April
2023. Both closed sales and new pending sales only slightly
lag 2023, down 0.9% and 0.4% year to date, respectively.
April Mid-Atlantic Housing Market by Region
Philadelphia:
Price growth at
two-year high in the Philadelphia
metro area
- The median price of homes sold in April was $365,000, which is 10.9% higher than a year ago,
the fastest year-over-year price appreciation since May 2022. Prices rose fastest in the New Jersey suburbs.
- Meanwhile, new listings are coming onto the market at a quicker
rate than 2023 and boosting supply. All counties in the metro
except Philadelphia County had
more active listings at the end of April than a year ago. Supply
remains tight despite the roughly 40% increase of what was on the
market in April 2019.
- The additional inventory hasn't slowed the market, with half
the homes selling in nine days or less. This is a tad quicker than
last year, when the median days on market was 11 days in
April 2023.
Baltimore:
Baltimore metro buyers see increasing
inventory, but homes still sell quickly
- Inventory at the end of April
2024 was 15.7% higher than April
2023, with nearly 4,000 homes on the market. This is 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 were on the market for eight days or
less, only one day slower than April
2023.
- Prices are also continuing to rise. The median sold price in
the Baltimore metro area was
$381,000, which was 5.8% higher than
April 2023. The current median is
just $4,000 shy of the high hit in
both June and August 2023 of
$385,000.
Washington,
D.C.:
More inventory has led to more transactions
in the Washington D.C.
metro
- 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.
- Buyers continue to purchase, and closed sales surpassed what
they were last April (+7.4%). Pending sales also improved, up 4.0%.
This is the first year-over-year increase in new pending sales
since February 2022.
- The median price in the metro was $640,000 in April
2024, hitting a new record. Median sales prices for detached
homes and townhomes were both at record highs, while condo prices
were slightly below the February 2024
high.
The full Mid-Atlantic and market metro area reports are
available at BrightMLS.com/MarketInsights.
About Bright MLS
Bright MLS was founded in 2016
as a collaboration between 43 visionary associations and two of the
nation's most prominent MLSs to transform what an MLS is and what
it does, so real estate pros and the people they serve can thrive
today and into our data-driven future through an open, clear, and
competitive housing market for all. Bright is proud to be the
source of truth for comprehensive real estate data in the
Mid-Atlantic, with market intelligence currently covering six
states (Delaware, Maryland, New
Jersey, Pennsylvania,
Virginia, West Virginia) and the District of Columbia. Bright MLS's innovative
tool library—both created and curated—provides services and
award-winning support to well over 100K real estate professionals, enabling their
delivery on the promise of home to over half a million homebuyers
and sellers monthly. Learn more at BrightMLS.com.
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SOURCE Bright MLS