The multiple list service, BrightMLS, that provides real estate data in the Mid-Atlantic, covering

six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the

District of Columbia), issues market stats on a monthly basis in their Mid-Atlantic Market

Report.

The most recent report showed that home sales were down 29.8% in the Mid-Atlantic in

October, as continued fast-rising mortgage rates have priced some home buyers out of the

marketplace, while others have taken a “wait-and-see” approach, according to the Bright MLS

October Housing Report released today. With inventory still low, the median home price

continued to increase in the region, rising 4% year-over-year to $364,000 in October. The

average home sales price for Maryland specifically in the October data was $444,315.

“The effects of the sharp and quick increase in interest rates are being felt in full force in the

Mid-Atlantic housing market,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “In most

places, we haven’t seen prices fall yet, but they will undoubtedly come down from their peak

levels. However, because home prices ran up so quickly during the pandemic, in most markets

prices will remain higher than they were three years ago.”

In the weekly Market Report, Bright MLS reported data showing that Buyer activity stalled

during the Thanksgiving week. Below were the highlights provided by Bright MLS in their most

up to date weekly Market Report:

 Homebuying activity always slows during the holiday week, but the number of weekly

new purchase contracts across the Bright footprint during the week ending November

27 was at the lowest level since the end of 2019.

 New listings fell sharply last week. Sellers were largely sitting out last week, as the

number of new listings coming onto the market fell 40.9% compared to a week ago. The

ratio of new pendings to new listings rose to 1.42 during the week ending November 27,

which is the highest level for the year. With significantly fewer new listings, the average

daily inventory in the region fell 2.6% compared to a week ago.

 Sellers have begun to internalize new market environment. More than 40% of active

listings on the market across the Bright footprint had a price drop. But the share of

listings with a price drop has declined in some markets, which indicates that sellers are

starting to do a better job at setting their original asking price.

Lauren Bunting is the Broker of Record for Keller Williams Realty of Delmarva in Ocean City, MD.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.