For the week ending November 3, the Mid-Atlantic region saw 5,462 new contracts, reflecting a 5.6% decrease compared to the previous week. Despite this decline, the number of pending contracts remains 3.9% higher than the same period last year, marking the ninth consecutive week of year-over-year increases. This indicates that buyers are more active this fall than in the past two years.
New listings in the Bright MLS service area were virtually unchanged from the prior week, with a slight increase of 0.1%, bringing the total to 4,980 new listings. Year-over-year, listings are up by 1.9%, contributing modestly to the overall inventory available to buyers. The Washington D.C. and North Central Virginia metro areas have experienced the most significant year-over-year growth in new listings over the past two months.
While list prices typically begin to decrease in late October, this week saw prices remain stable at $399,900, unchanged from the previous week. As a result, the median list price is 5.5% higher than a year ago. However, there were regional variations within the Mid-Atlantic, with median list prices falling year-over-year in the Southern Maryland and North Central Virginia metro areas.
