North Bethesda, MD, May 12, 2025 (GLOBE NEWSWIRE) —
- Buyer activity was sluggish in April with closed sales, pending sales and showing activity all lower than a year ago.
- A total of 18,615 transactions closed in April, which is an increase over March but is still slightly below the April 2024 level (-0.3%).
- There were 22,484 total new pending sales in April across the Bright MLS service area, which is 2.5% lower than last April. Showing activity was also down by 8.1% year-over-year.
- Price growth has started to slow. In April, the median sold price was $425,000, which was up 3.7% from a year ago. This is the slowest pace of price growth since June 2023.
- At the end of April, there were 40,956 active listings on the market throughout the Bright MLS service area, a 29.2% increase over a year ago. New listings were up only slightly, coming in 0.9% higher than last April.
- It is currently shaping up to be a slower-than-typical spring housing market in many parts of the Bright MLS area; however, there is still a lot of uncertainty and conditions could change quickly.
After a strong March, home sales activity lagged in April as both home buyers and sellers appear to be moving more cautiously amidst economic uncertainty. Whether the spring market improves depends on the direction of mortgage rates and overall economic conditions.
In April, a total of 22,484 homes went under contract in the Bright MLS service area. New contracts were up 2.1% over March but came in 2.5% lower than a year ago. April is typically of the busiest months in the Mid-Atlantic housing market, but this year some buyers appear to be holding back. Showing activity, which is a measure of how many homes prospective buyers are viewing, was down 6.1% between March and April and was 8.1% lower than it was in April 2024.
“Mortgage rates have come down a little since the beginning of the year, which is good for home buyers,” according to Lisa Sturtevant, PhD, Chief Economist at Bright MLS. “But consumer confidence has fallen and people are feeling more anxious about the economy which is holding some buyers back this spring.”
Inventory across the Bright MLS is increasing. At the end of April, there were 40,956 active listings for sale across the region. This is the first time inventory has been north of 40,000 since June 2020. However, inventory is not increasing the same across different segments of the housing market. The single-family detached inventory in the Bright MLS service area is still just two-thirds of what it was prior to the pandemic. Conversely, condo inventory is higher now than it was five years ago.
Supply is generally increasing not because of a surge of new listings, but rather because there are fewer contracts and homes are starting to stay on the market longer. In April the median days on market overall in the Bright MLS service area was nine, meaning half of all homes sold in nine days or less. That is still a very fast pace but there is a lot of variation across the region. In the Del/Mar Coastal region, for example, the median days on market was 22. In the Washington D.C. region, the median days on market was seven in April; however, in the District of Columbia, the median was 18.
Prices are still rising in most local markets, but the pace of home price growth has slowed. In April, the median sold price in the Bright MLS service area was $425,000, which was 3.7% higher than a year ago. However, this was the slowest pace of annual home price growth in the region since June 2023. Median sold prices in Southern Maryland the Del/Mar Coastal market declined in April. More inventory and cautious demand is leading more sellers to cut asking prices to entice buyers.
There are competing factors making it difficult to predict where the spring housing market is heading. Lower rates and more inventory should entice more buyers into the market. However, growing economic uncertainty has made would-be home buyers and sellers more cautious. Expect an unpredictable spring housing market that could extend well into summer as buyers wait for rates to fall further and for more certainty in the economy.
April 2025 Mid-Atlantic Housing Market by Region
Philadelphia:
Spring momentum dips in the Philadelphia metro with watchful consumers
- There were 6,549 new pending sales in April 2025, higher than March, but lower than April 2024 (-2.7%).
- The number of closed sales edged ahead for April, up 0.9% year-over-year, making the Philadelphia metro area one of the few areas in the Mid-Atlantic where closed sales surpassed last year.
- The number of active listings at the end of April 2025 was 17.0% higher than last year. There were 7,904 new listings in April, which was slightly ahead of last year (+0.7%).
- The median sold price in the region was $383,000 in April, up 5.5% year-over-year.
- The market is starting to shift, giving buyers more leverage. The median days on market is two days slower than last year.
- Declining consumer confidence has led to a bumpy spring market in the Philadelphia metro area. Some buyers are going to wait and see until they have more certainty and potentially lower rates. But for buyers that stick it out, there will be more inventory to choose from and more time to make decisions, at least relative to last year.
Baltimore:
Baltimore buyers and sellers waver as economic uncertainty dampens the spring market
- The number of new pending sales in April was 1.1% lower than a year ago. And despite slightly higher new pending sales in March, closed sales lagged 1.0% year-over-year.
- There were 5,168 homes on the market in the Baltimore metro as of the end of April 2025, increasing 29.3% year-over-year. Inventory in the region is at its highest level since June 2020.
- Despite a pullback in buyer activity, prices are still rising. The median sale price of $399,900 was 5.0% higher than last year.
- Listing activity increased between March and April, but the monthly gain was lower in 2025 than what typically happens each spring. April new listings were lower than a year ago, as sellers also appear to be holding back.
- Tailwinds such as improving supply and increasing buyer leverage have been countered by the headwinds of lower consumer confidence and concern over the direction of the economy. The spring market appears to be stronger in some areas of the Baltimore metro than others. However, it is likely that market activity will generally be lower than during a more typical spring.
Washington, D.C.:
Listings up, contracts lower in April in the Washington D.C. metro area
- Inventory surged in April. At the end of the month, there were 9,815 active listings, a 49.4% increase over a year ago. The number of new listings coming onto the market in April was 1.7% higher than April 2024.
- The number of new pending sales in April was 6.6% lower than a year ago. Throughout the region, only Arlington County had more new pending sales in April 2025.
- Home prices continue upward even with the uncertainty. The median price of $655,215 in April 2025 was a record high for the region, up 2.4% year-over-year.
- Expectations for lower mortgage rates to affect the 2025 spring housing market positively have been dampened by economic uncertainty, cuts to the Federal government workforce, and return-to-the-office policies. With more new listings coming onto the market, buyers in the D.C. region will have more room to negotiate. However, prices are likely to continue to rise or hold firm in most local markets across the region.
The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights.
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