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What to Expect and How to Save in Your Next Real Estate Transaction
For the week ending August 4, the Mid-Atlantic median list price fell to $400,000, down 2.2% from the previous week but up 2.8% from last year. New listings increased by 7.1%, and active listings rose by 28.2%, totaling 35,608. Despite higher inventory, new pending contracts remain steady as buyers face affordability challenges or await lower mortgage rates.
For the week ending July 14, new listings surged by 36.0% compared to the holiday week, with 6,421 homes hitting the market. However, despite this 11.6% increase from last year, new contracts lag behind due to affordability challenges, and homes are taking an average of 21 days to sell—the longest time since before 2020.
