Conditions are improving for buyers in the Mid-Atlantic, with mortgage rates down and housing inventory up, according to a recent report from Bright MLS.
Bright MLS’s Housing Report for September found that there was a total of 19,945 new pending sales in the Mid-Atlantic in September, up 10.3% from last year and the eighth consecutive month of increases. The report points that this is largely due to the drop in mortgage rates, finally coming down to the lower 6% range.
“There are many prospective homebuyers who have been waiting for mortgage rates to fall,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “The recent drop in rates has motivated both home buyers and home sellers to get into the market, which means that it will likely be a very busy fourth quarter.”
Specifically, the drop in mortgage rates means that prospective homebuyers will save around $300 on the monthly payment of the median-priced home in the region.
Bright MLS added that there were 38,205 total active listings at the end of September, which is up 16.8% compared to a year ago. Despite the steady increases, the report found that overall inventory is still just over half of what it was in 2019.
Despite a drop in median home prices from the summer peak, now down to $410,000, they are still up 6.4% over last September. Market conditions have eased from last year, however, with the media days on the market falling by four to 13. This is still more competitive than the pre-pandemic market, when the median days on the market in the Mid-Atlantic was 25.
“It will likely be a busy market for the last few months of the year, with 2024 wrapping up stronger than 2023,” the report stated. “Affordability challenges remain for some buyers, with prices expected to continue to rise. More affordable markets could see more buyer interest than more expensive regions.”
For the full report, including major metro area data, click here.
