In 2024, buyers eagerly awaiting more housing options have seen their desires fulfilled. April 2024 witnessed a notable 14.7% surge in new listings, marking a 4.4% increase year-to-date compared to the same period in 2023. This influx of new listings has notably bolstered housing supply throughout the Mid-Atlantic region compared to the previous year. Across all metropolitan areas, active listings by the end of April 2024 surpassed those of April 2023, showing a robust 17.2% increase from last year. Some areas even showcased more substantial improvements.
Dr. Lisa Sturtevant, Chief Economist at Bright MLS, remarked, "While the rise in supply is encouraging, achieving a balanced housing market remains a distant goal. Affordability issues persist, evident in subdued showing activity despite the uptick in new listings."
April saw the median sale price reaching a new pinnacle at $410,000, underlining the persistent strength in the market. However, competition remains fierce, with half of the homes sold in just eight days or less, indicating continued tightness.
Nevertheless, buyers have remained active throughout the Mid-Atlantic. April 2024 witnessed closed sales surging by 7.6% compared to April 2023. Year-to-date figures for closed sales and new pending sales show only marginal decreases of 0.9% and 0.4%, respectively, compared to 2023.
April Mid-Atlantic Housing Market by Region
Baltimore Metro: Increased Inventory Yet Swift Sales Persist
As of April 2024, inventory in the Baltimore metro area surged by 15.7% compared to April 2023, boasting nearly 4,000 homes on the market. This marks the highest inventory level for the month of April in the Baltimore metro region since 2020. Despite the augmented choices available, homes continue to swiftly leave the market. Almost half of the homes sold in April 2024 spent eight days or less on the market, just a day longer than in April 2023.
Moreover, prices continue their upward trajectory. The median sold price in the Baltimore metro area reached $381,000, reflecting a 5.8% increase from April 2023. Remarkably, this current median is merely $4,000 shy of the peak recorded in both June and August 2023, standing at $385,000.
Washington, D.C. Metro: Increased Inventory Fuels Heightened Activity
In the Washington D.C. metro area, the rise in inventory has corresponded with a surge in transactions. Active listings have consistently outpaced last year for three consecutive months. As of April, the region boasted 6,569 active listings, marking a substantial 21.8% increase from April 2023.
Buyer activity remains robust, with closed sales surpassing last April by 7.4%. Additionally, pending sales witnessed a notable improvement, rising by 4.0%. Notably, this marks the first year-over-year increase in new pending sales since February 2022.
April 2024 saw the median price in the metro area soaring to $640,000, setting a new record. Detached homes and townhomes both hit record highs in median sales prices, while condo prices hovered slightly below the peak recorded in February 2024.
As the housing market in the Mid-Atlantic region continues to evolve, it's crucial to stay informed and explore your options. Whether you're considering buying, selling, or investing, navigating these dynamic conditions requires expertise and guidance. Don't hesitate to reach out and call Scott and the Smolen Team today to discuss the current market trends and how they impact your individual goals. With their wealth of experience and dedication to client satisfaction, you can trust them to provide the insight and support you need to make informed decisions in this competitive landscape.
