Looks like the Mid-Atlantic housing market is getting a nice little boost as we wrap up the year!

In November, closed sales jumped by 5.7% compared to last year, making it the third month in a row we’ve seen an increase. Almost all areas in the Bright MLS service region saw gains, except for Southern Maryland.

New pending sales were also up by 8.2%, which is a good sign for December’s closed sales. However, buyers are still dealing with higher home prices, with the median price sticking at $410,000 for the third straight month—up 7.8% from last November.

On the flip side, sellers are being a bit slower to list, with new listings down 5.0% from last year. While inventory is still higher than last year, it’s not growing as quickly as it did during the summer. Right now, there are just under 36,000 homes on the market, which is 10.5% more than at the end of November 2023. 

Curious about market trends in your neck of the woods?  Here are regional reports from our friends at Bright MLS…  https://www.brightmls.com/marketreports 

Please call us today with any questions for your Real Estate needs for the New Year. We truly appreciate your trust and confidence in us! Enjoy the blessings of the Holiday Season, and we wish you a Happy, Healthy and Prosperous New Year!