Bright MLS June 2025 Housing Report: Mid-Atlantic Home Prices Hit Another Record High

North Bethesda, Md., July 10, 2025 (GLOBE NEWSWIRE) —

• Buyer demand is softening as pending sales dip 2% year-to-date, and price reductions become more common in key regional markets.
• Median sold price in the Bright MLS service area reached $449,600 in June, a 4.6% increase over a year ago and a new record high. 
• Inventory is growing, with active listings up nearly 25% from last year, but new listings remain flat, keeping supply below pre-pandemic levels.
• Buyer demand is softening as pending sales dip 2% from a year ago, and price reductions become more common in regional markets.

(North Bethesda, Md.) July 10, 2025 — The median sold price across the Bright MLS service area  reached a record high of $449,600 in June. While closed sales rose year-over-year, a growing number of price cuts—driven by elevated mortgage rates, rising inventory, and ongoing affordability concerns—suggest that home prices may have peaked or even begun to decline in some Mid-Atlantic markets.

There were 21,703 closed sales in June, a 5.6% increase over last year, though that rise reflects the market slowdown seen in June 2024 when mortgage rates exceeded 7%. New pending sales, an indicator of future activity, totaled 21,962, virtually unchanged year-over-year. Year-to-date pending contracts remain 2.0% lower than at this point in 2024.

“The 2025 housing market is shaping up to be relatively slow, with transactions on pace to match the level last year,” said Lisa Sturtevant, PhD, Chief Economist at Bright MLS. “Even though there is more inventory, high mortgage rates and high home prices are holding buyers back.”

Key Highlights:

• Prices Hit Records, But Growth Slows in Some Markets: The  median sold price of $449,600 marks a new high, driven by price increases of single-family detached homes and townhomes. However, home price trends vary regionally. For instance, the Washington D.C. metro saw only a 1.6% increase, while prices declined in the Eastern Shore market. More affordable markets, like the Maryland/West Virginia Panhandle and Southern Maryland, experienced stronger growth. 
• Inventory Rises, But New Listings Remain Flat: At the end of June, 43,813 homes were actively listed for sale, 24.8% more than a year ago. However, new listings remain constrained, 23,697 properties were newly listed in June, nearly identical to last year’s figure.

Buyers Gaining Leverage: As supply increases and buyer activity moderates, more sellers are adjusting their asking prices. The market is gradually shifting toward one where buyers have more negotiating power, particularly in high-priced and slower-moving areas.

Regional Highlights

Philadelphia Metro:
Home prices hit a new record high but there are signs price growth is slowing

• Median price: $416,000, a new record high. However, the 4.0% increase is the slowest in more than two years.
• Closed sales: 6,513, up 8.7% from a year ago when mortgage rates were above 7%.
• New listings: 7,157, up just  0.5%  from June 2024 and down 4.9%  from May.
• Notable gains in listings occurred in Kent County, Del., and in Mercer County, N.J., while other local markets saw declines.
• Buyers remain cautious despite higher sales and record prices.

Baltimore Metro:
Home prices hit a new record high in June in the Baltimore metro area

• Median price: $425,000, 3.0% increase, marking a new high.
• Closed sales: 3,076, up 5.9% year-over-year, primarily due to above 7% mortgage rates a year ago
• New pending sales: Up 1.3% year-over-year, down 1.0% year to date.
• New listings: 3,211,  a 1.0% decline from last year. However, there was a lot of variation across the region, with new listings up strongly in Carroll County and down significantly in Harford County.
• Showing activity: Dipped 0.7% compared to last year, reflecting buyers’ hesitation amidst elevated mortgage rates, high home prices, and economic uncertainty.

Washington, D.C. Metro:
Home prices grow more slowly as inventory continues to climb

• Median price: In June, $650,000, up 1.6% compared to a year ago, the slowest growth in two years. Home prices rose fastest in Frederick County, Md., and Loudoun County, Va., and fell year-over-year in closer-in jurisdictions.
• Inventory: 41.2% higher than the same time a year ago, though still below 2019 levels in most of the metro.
• Supply is higher than pre-pandemic levels in Arlington, Alexandria and the District of Columbia.
• New listings: 5,259 , up just 0.9% higher than June 2024. New listings fell by 12.2% between May and June.
• Buyers are starting to have more negotiating power in the market, which is impacting price momentum.

The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights.

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