Despite economic uncertainty, it was a strong March housing market in most local markets
North Bethesda, Md., April 10, 2025 (GLOBE NEWSWIRE) —
- There were 22,021 total new pending sales in March across the Bright MLS service area, a 2.8% gain over a year ago. Pending sales activity surged by 37.5% between February and March.
- Showing activity also increased by 39.5% between February and March. Showings are a measure of the number of prospective buyers who are touring homes with a real estate agent.
- Home buyers continue to have more options to choose from. The number of new listings coming onto the market in March was 12.6% higher than a year ago, and listing activity was 38.5% higher in March than it was in February.
- In March, the median sold price in the Bright MLS service area was $410,000, up 4.1% year-over-year.
- The spring homebuying season is starting off strong in the Mid-Atlantic region. However, whether the housing market continues to be resilient through the spring depends on the trajectory of the economy.
(North Bethesda, Md.) April 10, 2025 — March is typically the start of the spring homebuying and selling season. With growing economic uncertainty and declining consumer confidence, it was reasonable to opine on whether home buyers and sellers would hold back. However, March data on home sales activity in the Bright MLS service area suggests that there is still strong demand from committed buyers in the marketplace.
In March, a total of 22,021 homes went under contract in the Bright MLS service area, which reflects an uptick of 2.8% over a year ago. More importantly, however, was the surge in pending sales activity between February and March, with the number of new pending sales increasing by 39.5%. This month-to-month increase is very similar to what we see in the lead-in to a typical spring housing market.
Showings are also on the rise, as more prospective home buyers are reaching out to real estate agents to tour homes. In March, there were 442,672 home showings across the Bright MLS service area. While showing activity is down slightly from last March, the number of showings surged by 39.5% between February and March. These month-to-month increases in new pending sales and showings are indicators that typically signal the beginning of the spring homebuying season.
Buyers have been enticed into the market by declining mortgage rates, as well as more inventory available on the market. In March, there were 24,654 new listings that came onto the market across the Bright MLS service area which is a 12.6% increase over March 2024 new listings. Compared to February, the number of new listings was up 38.5%. Looking back historically, this is a typical month-to-month increase in listing activity that precedes the spring homebuying season.
Prices are still on the rise across the Bright MLS service area, though with more inventory coming onto the market, the pace of home price appreciation has slowed in many markets. In March, the median sold price in the Bright MLS service area was $410,000, which was up 4.1% year-over-year. This is the slowest pace of home price appreciation since July 2023.
It is still too soon to tell whether the spring housing market will blossom or stay dormant a little longer. “Falling mortgage rates could give the housing market a boost this spring,” according to Lisa Sturtevant, PhD, Chief Economist at Bright MLS. “But weakening economic conditions, more uncertainty, and growing consumer anxiety could have a dampening effect on the market.”
It is too soon to tell whether the market is truly shifting to a balanced or even to a buyer’s market. In March, the typical home took 12 days to go under contracts. The March median days on market was two days slower than a year ago but is seven days quicker than February. Overall inventory is up 27.6% year-over-year, but there is still less than two months of supply in the Bright MLS service area. (Between four and six months of supply is typically considered a balanced housing market.)
With more inventory and slightly lower rates, buyers are entering the market this spring with more leverage than they have had in years. Whether the housing market continues to be resilient over the next few months depends largely on the direction of the economy.
March 2025 Mid-Atlantic Housing Market by Region
Philadelphia:
More inventory and lower rates brought out home buyers in the Philadelphia area market
- There were 6,535 new pending sales in March, which was up 4.5% compared to a year ago. New pending sales also surged 41.1% between February and March, a typical trend leading into the spring market.
- The number of new listings coming onto the market was up 9.7% year-over-year and rose by 33.0% between February and March. While the increase in new listing activity is good news for buyers, supply is still low by historic standards. At the end of March, the number of active listings was still less than half of what it was in 2019.
- The median sold price in March was $368,000, increasing by 5.1% year-over-year
- Overall, the outlook for the Philadelphia housing market is upbeat heading into spring. There are headwinds in the market, however. Weaker economic conditions, a declining stock market, and growing consumer anxiety could dampen spring activity in parts of the Philadelphia area housing market.
Baltimore:
Active buyers in the Baltimore metro area in March
- There were 3,092 new pending sales in March across the Baltimore metro area, which was up 1.2% compared to last March and surged by 34.5% between February and March. The strong month-to-month uptick in contract activity typifies the start of the spring homebuying season.
- In March, the number of new listings was 10.6% higher than a year ago. New listing activity was also up by 37.9% between February and March.
- Home prices are still rising in the Baltimore metro area, with the median sold price in March up 2.7% compared to a year ago.
- Despite economic headwinds, the spring homebuying season is kicking off relatively strongly in the Baltimore metro area. Looking ahead, rates will continue to fall but overall economic conditions are also weakening. Buyers who remain in the market will have more leverage and home price growth likely will slow this spring in some local markets.
Washington, D.C.:
Surge in new listings accompanied by strong buyer activity in the Washington D.C. metro area
- A total of 5,925 new listings came onto the market across the Washington D.C. region in March. Listings were up 19.2% year-over-year and surged 44.5% between February and March.
- In March, there were 4,952 new pending contracts in the Washington D.C. region, up 3.2% compared to a year ago and an increase of 42.1% over February.
- In March, the median sold price was $625,000, up 4.2%, the slowest year-over-year price gain since October 2023.
- Heading into the spring market, the Washington D.C. area housing market is likely to be softer than other markets as the impacts of DOGE are absorbed into the economy.
The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights.
About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear, and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100K real estate professionals, enabling their delivery on the promise of home to over half a million homebuyers and sellers monthly. Learn more at BrightMLS.com.
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CONTACT: Christy Reap Bright MLS 2023099362 christy.reap@brightmls.com
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