Bright MLS Weekly Market Report

Bright MLS Real Estate

Week Ending May 5, 2024 
Washington, D.C. Metro 

Summary 

  • New listings continue to increase. In the week ending May 5, there were 6,811 new listings in the Bright MLS service area. This represents an increase of 11.4% compared to the same week in 2023. Historically, early to mid-May tends to have the highest number of weekly new listings for the year. Consequently, this spring is set to offer a wider array of options to prospective buyers. 
  • New contracts higher than a year ago. This week there were 6,837 new contracts in the Mid-Atlantic, which is a 0.9% tick over last year. While small, aside from the 2023 Easter week offset, this is the first week new contracts have been higher than the same time a year ago. 
  • Median list price down from the record high. The median list price for the week ending May 5 eased to $435,000, a 0.9% decrease from last week. However, affordability is still a bigger challenge than it was last year, as the median list price is 6.2% greater than the same week in 2023. 

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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