June saw a slight dip in home sales, but the demand remains robust in the Mid-Atlantic housing market. Despite mortgage rates hovering near seven percent and record-high home prices, potential buyers are in for some good news: inventory has increased, giving buyers more choices.
Increased Inventory Means More Choices
For those who have not been priced out, the market offers a wider selection with active listings up 17.5% compared to last year. This marks the fourth consecutive month of inventory growth, providing a variety of options for discerning buyers. The increased supply is a positive sign for the market, balancing the high demand and giving buyers the opportunity to find their ideal homes.
Steady Prices Reflect Market Stability
June’s median sold price was $430,000, setting a new record for the Mid-Atlantic. This price stability is a testament to the region’s enduring appeal and economic resilience. Buyers can feel confident in their investment, knowing that the market is holding strong despite the challenging economic landscape.
Positive Outlook for Buyers and Sellers
While the high mortgage rates and prices may seem daunting, the increased inventory offers a silver lining. With more options available, buyers can take their time to find the perfect home that fits their needs and budget. Sellers can also benefit from the steady prices, ensuring they receive fair market value for their properties.
Comprehensive Market Insights
For those looking to dive deeper into the market trends, the full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights. These reports provide detailed data and analysis, helping both buyers and sellers make informed decisions.
Contact Us Today!
Navigating the current housing market can be challenging, but you don’t have to do it alone. Our team of dedicated agents at Preslee Real Estate is here to help you every step of the way. Whether you have questions about the market or need assistance finding your dream home, we’re here to support you. Contact us today to learn more and get started on your home-buying journey!
For more detailed market insights and trends, visit BrightMLS.com.
