Bright MLS April 2024 Housing Report: Home prices hit new record highs in some markets in the Mid-Atlantic

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May 10, 2024, 11:15 ET

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.

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.

SOURCE Bright MLS