There are signs that the market is gradually heading towards more balance across much of the Mid-Atlantic, according to new data from Bright MLS.
The Bright MLS July 2024 Housing Report found that new listings are up 5.5% year-to-date, much stronger than 2023. That the number of new listings is higher than the number of new pending contracts, which is pushing inventory upward. In addition, active listings are up 24.7% from a year ago, and the months of supply metric hit two months—the highest level since April 2020.
“Improving inventory across the Mid-Atlantic means homebuyers in today’s market have more options than last year,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “However, affordability is still a challenge for many would-be homebuyers. Mortgage rates are falling, which is a good sign for buyers, but prices are still at near-record highs in many markets. Many buyers, particularly first-time buyers, will continue to be priced out.”
The MLS also reported that the median sold price in its service area was $420,000. The median price has started to drop from its June peak, which is a typical seasonal trend. Nonetheless, the median sold price in July was up 5% year-over-year.
The speed of sales has also eased but is still brisk, the MLS stated. Half the homes sold in July were off the market in nine days or less. Comparatively, the median days on market in July 2023 was eight days, while homes sold in July 2019 were typically on the market for 18 days.
Bright MLS stated that the “expectation for mortgage rates to drop in the fall will encourage both more buyers and more sellers to enter the market. Affordability will be the biggest constraint on the market as mortgage rates remain above 6% and home prices remain firm in most local markets.”
For more information, including further data by region, visit https://brightmls.com/marketinsights.
