Sales in December showed a strong finish to the year, surpassing expectations in the Mid Atlantic Region. 17,593 homes were sold, marking a 14.4% increase from December 2023 and a 4.2% bump compared to November.

New pending contracts also rose, with 2.1% more pending sales in December than the previous year. This late-year increase in buyer activity happened even as mortgage rates stayed in the high 6% range. However, rates were about three-quarters of a percentage point lower than they were a year ago, and buyers seem to have adjusted to this “new normal.”

Inventory remains tight. Only 11,531 new listings hit the market in December, 2.1% fewer than the previous year and the slowest pace for new listings in two decades.

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!