Week ending: August 4, 2024

List prices fall once again

The median list price in the Mid-Atlantic for the week ending August 4 was $400,000, another week-over-week decrease, this week by 2.2%. List prices generally are still higher than they were a year ago, with the median list price up 2.8% compared to the same week a year ago. The Del/Mar Coastal region is the exception with list prices now lower than they were last year.

New listings continue adding to supply

The Bright MLS service area had 5,840 new listings for this week, a 7.1% increase from the same week in 2023. New listings have continued to exceed last year’s numbers, incrementally increasing available supply.

Active listing are on the rise

As the number of new listings increase, active listings maintain an upward trajectory compared to last year’s levels. At the end of the week ending August 4, there were 35,608 active listings across the Bright MLS service area, a 28.2% year-over-year increase. Even through inventory is higher, the number of new pending contracts remains at about the same as last year’s levels as some prospective buyers may be sidelined due to affordability challenges or are waiting for mortgage rates to come down further.

Source : Brightmls