Bright MLS Weekly Market Report

Bright MLS Real Estate

Week Ending May 19, 2024 
Washington, D.C. Metro 

Summary 

  • Median list price soars to a new high. The median list price for the week ending May 19 was $449,000 in the Bright MLS service area, 5.9% increase from last week and 12.5% higher than the same week in 2023. The median list price this week marks a new record high for the region. 
  • Inventory continues to increase. There were 31,331 active listings in the Bright MLS service area this week. Inventory is 3.9% higher than last year, with the largest year-over-year increase in 2024. While still low by historical standards, supply continues to show signs of recovering. 
  • New listings remain flat. There were 3,380 new listings this week, which is relatively flat compared to a week ago. New listing activity remains slightly above last year’s level, up by 1.5%. The increase in inventory this week, therefore, was driven mostly by a pullback in new contract activity, rather than a surge in new listings. 

About Bright MLS

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 home buyers and sellers monthly. In 2022, Bright subscribers facilitated $121B in real estate transactions through the company’s platform.

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