Declining mortgage rates and more inventory are making the market slightly less challenging for homebuyers in the Mid-Atlantic, according to a recent report from Bright MLS.
Bright MLS’s Housing Report for August found that an increase in inventory is providing more options for home buyers. Data shows a total of 37,340 active listings on the market, up 21.4% year-over-year. Despite the recent increases, Bright stated that supply is still low by historical standards. There is just 2.06 months of supply regionwide, and overall inventory is still less than 60% of what it was in 2019.
“Homebuyers are taking advantage of more inventory to be choosier and to take more time deciding on a home,” said Dr. Lisa Sturtevant, Bright MLS chief economist. “However, the market is still competitive and, depending on the price point and location they are looking in, buyers still need to be prepared to act quickly.”
Bright also reported that sales have been tracking close to 2023 levels. There were 20,456 total home sales across the Mid-Atlantic, down 0.7% YoY. Year-to-date, the number of home sales transactions is almost identical to 2023. In terms of pending sales, there were 20,121 new pending contracts in August, which is 1.1% higher than last year.
Home prices have continued to rise in most local markets, Bright added. Regionwide, the median sold price in the Mid-Atlantic in August was $418,000, which is a 4.2% increase over a year ago.
For the full report, including major metro area data, click here.
