Bright MLS reports Mid-Atlantic sees more buyers as mortgage rates fall – RISMedia

Conditions for buyers in the Mid-Atlantic are improving as mortgage rates have fallen and housing inventory has increased, according to a recent report from Bright MLS.

Bright MLS’ September Housing Report found that there were a total of 19,945 new sales in the Mid-Atlantic in September, up 10.3% year-over-year and the eighth consecutive month of gains. The report points out that this was largely due to the decline in mortgage rates, which eventually fell to the low 6 percent range.

“There are a lot of potential homebuyers who have been waiting for mortgage rates to come down,” Dr. Lisa Sturtevant, chief economist at Bright MLS. “The recent decline in interest rates has motivated both home buyers and home sellers to enter the market, meaning it is likely to be a very busy fourth quarter.”

Specifically, the drop in mortgage rates means potential homebuyers will save about $300 on the monthly payment for the average priced home in the area.

Bright MLS added that there were a total of 38,205 active listings at the end of September, up 16.8% year-over-year. Despite the steady increase, the report found that the total inventory is still just over half of the 2019 value.

Despite a decline in average home prices since the summer peak, now down to $410,000, they are still up 6.4% compared to last September. However, market conditions have eased compared to last year as the number of media days on the market fell by four to 13. This is still more competitive than the pre-pandemic market, when the average number of days on market in the Mid-Atlantic was 25.

“It is likely to be a busy market in the final months of the year as 2024 ends stronger than 2023,” the report said. “Affordability challenges remain for some buyers and prices are expected to continue to rise. More affordable markets may see greater buyer interest than more expensive regions.”

For the full report, including key metropolitan area data, Click here.