Bright MLS, which covers the Mid-Atlantic region (southern New Jersey to northern Virginia), has released its October 2023 Housing Report – tracking the state of the market in its coverage area.
The report shows markets have climbed to about 2022 levels. Dr. Lisa Sturtevant, Bright MLS Chief Economist, noted as such with cautious optimism:
“The resiliency of the market in the face of mortgage rates approaching 8% has been impressive. While the market is expected to slow this winter, as it always does seasonally, the Mid-Atlantic may finally start to trend alongside 2022 activity.”
For instance, October 2023 saw the smallest year-over-year difference in pending sales of new homes (18,331, only 3.2% lower than in October 2022). Inventory is also only 6% lower year over year, with 21,517 new listings in October 2023 for a total of 34,415 active listings across the Mid-Atlantic.
However, it’s still not a buyer’s market yet. On top of national challenges such as mortgage rates, the median home price in the Mid-Atlantic was $381,000 (4.7% higher than in October 2022). Additionally, half of the listed homes spent only 10 days on the market, indicating a “pressure to buy” market.
The major metropolitan areas surveyed were Philadelphia, Baltimore and Washington D.C. Results localized to these areas were as follows:
Philadelphia has low but slowly increasing inventory (listings as of October were 10,602, 10% lower year over year but 3.8% higher month over month). Home prices are high at a median of $350,000 (7.7% higher year over year), but pending sales show signs of improvement. The current number (5,622) is only 1.4% lower year over year.
Baltimore is described as a “brisk” and competitive market, with inventory consistently increasing for the last three months and the number of listings almost unchanged compared to October 2022. The median sales price is $369,000 (up 7% year over year), with 2,633 pending sales (down 7.3% year over year, the smallest difference in 2023 so far).
Washington D.C. is said to be in a seasonal slowdown; pending sales were 3,752 in October, 136 less month over month, and 9.2% less year over year. Inventory is also in a slump at 4,460 new listings – over 20% less than in 2022. The median price is climbing, however at $568,000 – 3.3% higher month over month and year over year.
To view the full report, visit https://brightmls.com/article/october-2023-market-report.