The number of active housing listings has increased in the Mid-Atlantic region, but homes are still selling quickly, and the median selling price is up 5%, according to the Bright MLS July Housing Report released Monday.
Inventory is up 24.7% year-over-year in the entire Mid-Atlantic region. In the Philadelphia Metro area, which includes Burlington, Camden, Gloucester, and Mercer counties in New Jersey, housing inventory has increased 17.9% compared to July 2023.
This is the fourth month in a row that inventory has climbed in the Philadelphia-Metro region, with the largest gains reported in the suburbs. There were 10,798 active listings in July, but even with the increase in inventory, the market is still competitive for buyers.
The number of closed home sales is up 11.8% compared to 12 months ago and the median purchase price ($395,000) is 7% higher than July of 2023. Viewed on a monthly basis, however, the median July purchase price is 1.3% lower than June when it was $400,000.
Half of all homes that sold in July were on the market for 10 days or less. In June, the median number of days was nine days.
Bright MLS’s market outlook predicts housing market activity will pick up in the second half of the year. Falling mortgage rates this fall will bring both more buyers and more sellers into the market, according to the report.
