May Mid-Atlantic Region Real Estate Market Update: What's your local market doing?

The May Mid-Atlantic Housing Market Report

Wondering what the local real estate market is doing? The May Mid-Atlantic Housing Market Update has been released by Bright MLS. 

"After two and a half years of robust price growth, home prices in the Mid-Atlantic have been relatively flat for the past three months. Elevated mortgage rates have subdued buying activity and led to fewer homes sales. However, the fast pace of transactions and the lack of new listings suggests that prices in the region may have bottomed out and could be set to rebound."

"Both closed sales and new pending sales were below last year’s levels, but the number of new listings coming on to the market were down even more. Inventory has risen slightly in the MidAtlantic region, but the number of active listings is still only about 40% of the level in May 2019."

"Low inventory has meant that homes are selling quickly. The median days on market was 7 in May, which is the lowest level since last June. Without a significant increase in supply, the market will remain competitive, and prices will hold firm or increase in the months ahead."

Philadelphia Metro Housing Market Update

The Philadelphia Metro real estate market continues to be competitive, and remain a Seller's Market. Home prices have continued to rise in the Philadelphia area, despite higher interest rates on mortgages. With New Listings hitting the market remains loan, home prices are expected to rebound.

Central Pennsylvania Housing Market Update

Similar to the Philadelphia market, the Central Pennsylvania real estate market continues to be competitive, still showing as a Seller's Market.

Despite fears of the real estate market slowing and shifting, here in the Mid-Atlantic region, we are still in a hot real estate market. With rumors of interest rates to drop, home buyers are expected to be continue housing hunting through the remainder of 2023.

Want to read the entire Market Report? Click HERE to view the entire May Mid-Atlantic Region Housing Update.

Are you considering BUYING, RENTING, SELLING or INVESTING in real estate? Connect with the Zack Grimmer Group today for an obligation-free chat about your real estate goals.

Zack Grimmer Group, Powered by Real Broker LLC is a Residential & Commercial Real Estate Team that was founded in 2021 by Zachary ‘Zack’ Grimmer. We assist our clients who are looking to BUY, RENT, SELL or INVEST in real estate throughout Pennsylvania and New Jersey! We are tech enabled and data driven, giving our team the necessary tools to successfully broker real estate in any market. Our business mission is to provide white-glove service to our client partners. Please contact us at www.ZackGrimmerGroup.com to learn more about all we can offer.

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