The 2023 Mid-Atlantic housing market review from Bright MLS covers six states and the District of Columbia. It covers a little more than the “official” Mid-Atlantic area, going North to New Jersey and West to West Virginia.
Here are the areas covered in the report: District of Columbia, Delaware, Maryland, New Jersey, Pennsylvania, Virginia and West Virginia. Thank you to Bright MLS for this data, report, and infographic!
The Bright MLS 2023 Housing Report calls it “A New Normal” with the beginning of 2023 showing strong demand despite mortgage rates hitting a 23-year high. Low inventory continued to be the biggest issue in the Mid-Atlantic housing market. The lack of homes on the market led to higher prices in the Mid-Atlantic region in 2023.
The 2023 median sales price in the area was $385,000, which is up 3.4% when compared to 2022. In the Baltimore metropolitan area, median prices were up 3.5%.
Sellers continued to pull back from the Baltimore real estate market. This is most likely due to the same issues we saw in 2022: 1) Many sellers want to buy something else, and affordability and lack of inventory made it hard to find a new home. 2) Many homeowners refinanced during the low interest rate boom, so they may have chosen to stay in their home with the current payments rather than move to a new home with potentially higher payments.
For 2024, buyers and sellers should be prepared for interest rates averaging in the 6.5% range. Like 2023, there may not be much inventory, so homebuyers may still need to be ready to be competitive for a well-priced home, depending on the area and circumstances.
The Baltimore housing market is very local. Neighborhood by neighborhood, there can be variations on supply demand, and other factors. If you are considering buying or selling a home in Timonium, Towson, Baltimore or the surrounding areas, please contact me. I would be pleased to be of service!
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