Bright MLS November 2024 Housing Report: Fourth Quarter Boost in Home Sales Activity

Buyers are active in the market even as mortgage rates and home prices remain elevated

• Across the Bright MLS service area, the number of home sales in November was up 5.7% year-over-year. This is the third month in a row that sales were up compared to last year. Year-to-date sales activity in 2024 is now tracking ahead of last year.
• Buyers are still facing elevated home prices. The median price in the Bright MLS service area held at $410,000 for the third month in a row, increasing 7.8% from November 2023.
• The number of new listings coming onto the market cooled last month. In November, there were 15,901 new listings coming onto the market, five percent fewer listings than a year ago.
• Both showing activity and new pending sales were up strongly in November, which suggests that the regional housing market is set to end the year on a high note.

NORTH BETHESDA, Md., Dec. 10, 2024 /PRNewswire/ -- It was a notably busy November housing market across the Bright MLS service area, as some homebuyers and sellers are looking to make their move before the end of the year. While housing market activity cooled seasonally between October and November, closed sales, new pending sales, and showings were all up strongly compared to last November. The relatively strong buyer interest comes even as mortgage rates moved higher in November.

"There are buyers out there who have been waiting a long time to get into the market," said Dr. Lisa Sturtevant, Bright MLS Chief Economist. "Some are going to wait for mortgage rates to fall further. But for others, after rates have been close to 7% earlier this year, a rate in the mid-6s is good enough for them to buy."

Sellers, on the other hand, appear to be holding off. The number of monthly new listings fell by a significant 28.0% between October and November, and November listings were 5.0% below last year. While fresh listings are down, the overall number of homes available for sale at the end of the month is higher than a year ago. There were 35,935 active listings at the end of November across the Bright MLS service area, up 10.5% from a year ago.

The main reason month-end inventory is rising even as new listings are down is because properties are taking longer to sell. The median days on market in November was 14 days, two days longer than last year, and much slower than earlier this year.

Lower mortgage rates and optimism for the new year should encourage both buyers and sellers in 2025. Homebuyers should have more choices in 2025 as listing activity will increase. Affordability will still be a challenge, particularly for more moderate-income homebuyers, but higher-income buyers and those buying with cash will be very active in the market. The number of sellers in the market will also increase in 2025, as current homeowners who have been on the sidelines will be looking to move in response to changing family and financial circumstances.

November 2024 Mid-Atlantic Housing Market by Region

Philadelphia:
Philadelphia sales activity pushes year-to-date activity above 2023's total

• The number of closed sales rose 2.8% in November 2024 compared to last year. Sales for the year are now up 0.5%.
• New listings retreated however, down 5.5% compared to November 2023.
• Prices continue to increase strongly. The November median price was $377,000, up 6.2% year-over-year even as mortgage rates have been elevated.
• As traction builds in the fourth quarter, the Philadelphia metro area will end the year with slightly more sales, higher prices, and a bump in inventory compared to 2023.

Baltimore:
Sales activity continued march upward in the Baltimore region

• In November, closed sales climbed again, up 8.3% vs. November 2023, and followed October's jump of 12.4% year-over-year. Year-to-date 2024 sales now indicate 2024 closed sales for the year will move slightly ahead of 2023.
• Pending sales were also up in November, rising 5.7% over last November. Strong demand in the Baltimore metro continues to put upward pressure on prices. The median price of $399,945 was 8.3% higher than November 2023.
• The surge in activity in the fourth quarter took place even as elevated rates, high prices, and constricted inventory make it challenging for buyers.

Washington, D.C.:
November sales continue October surprises

• There were 45,860 closed sales in the Washington D.C. metro area in November, which put total year-to-date sales above 2023's total.
• The median sold price in the Washington D.C. metro area held steady between October and November, but rose 5.3% compared to a year ago.
• Some counties such as Arlington, Fairfax, and Loudoun currently have fewer active listings at the end of November 2024 than they did at the end of November 2023, keeping the market tight and competitive.
• More activity is anticipated for 2025 as mortgage rates ease; however, those watching affordability will still face challenges in the new year.

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