Bright MLS August 2025 Housing Report: Mid-Atlantic Market Remained Stuck in August

Rate declines and slower price growth, or even price drops, should bring more buyers into the market this fall

North Bethesda, Md., Sept. 10, 2025 (GLOBE NEWSWIRE) --

There were 19,909 sales across the Bright MLS service area, a 2.7% drop from a year ago.
A total of 21,963 new listings came onto the market into August, which was a sharp decline from July and was 2.3% lower than August of 2024.
Prices are still rising in many markets, driven by more transactions at the higher end of the market. The median sold price in August was $432,999, which was up 3.6% year-over-year.
As both buyers and sellers hold back, the market is moving much more slowly than it did a year or two ago. The median days on market was 15, four days slower than a year ago.
Uncertainty surrounding federal government layoffs and budget cuts have made prospective buyers and sellers more cautious.

Despite mortgage rates falling to a 10-month low, housing market activity in the Mid-Atlantic remained sluggish in August, as both buyers and sellers continue to hold back according to the Bright MLS August Housing Market report released today. Sales were down 2.7% year-over-year across the region, with the biggest declines in Southern Maryland and North Central Virginia, areas that have been more directly impacted by federal government layoffs and budget cuts.

Lower rates enticed some buyers into the market in August, as the number of new pending sales in the region was up slightly (+1.6%) compared to a year ago. However, the number of new purchase contracts on homes remains low by historical standards. In addition, markets that have been resilient this year, including the Philadelphia metro area, experienced a downtick in new contracts this August.

“Many prospective homebuyers are being left on the sidelines, even as mortgage rates have started to ease,” said Lisa Sturtevant, PhD, Chief Economist at Bright MLS. “Affordability remains a big challenge in the market and will only improve with further rate declines and slower price growth.”

Sellers also pulled back in August, which is partially a seasonal trend, but also reflects market uncertainty and a resetting of seller expectations. There were 21,963 new listings that came onto the market in August across the Bright MLS service area. New listings were down 2.3% compared to last August and fell by 7.7% compared to July new listings. While year-to-date listing activity is up slightly compared to last year, the number of fresh listings coming onto the market is still low.

“In addition to fewer new listings, more sellers are pulling their home off the market,” said Sturtevant. “Our recent survey found that the main reason sellers are delisting is because they are not getting offers at the price they hoped for. There is going to be a period where sellers will need to reset their price expectations, but many will relist their homes in the coming months.”

At the end of August, there were 45,956 active listings for sale in the Bright MLS service area. Inventory is 23.1% higher than it was a year ago. The increase in supply is being driven by the buildup of more condominiums and, in some markets, townhomes available for sale. In most local markets in the Mid-Atlantic region, the inventory of single-family detached homes is still very low. And while inventory is at pre-pandemic levels in some markets across the country, in the Bright MLS service area, inventory is still just 70% of 2019 levels.

The increase in supply has made it a little easier for homebuyers who remain in the market. Buyers have more negotiating power and more time to make decisions. In August, the median days on market was 15 days, which means half of all homes sold in 15 days or less, and half sold in more than 15 days. This is four days faster than a year ago, but is still quicker than during the pre-pandemic housing market.

The market is transitioning, though it is too early to call it a “buyer’s market” or even a “balanced market” in the Mid-Atlantic region. Rather, we are in a “stuck market” as both buyers and sellers are moving cautious, waiting for lower mortgage rates and more economic certainty. Rates should come down slightly this fall, though buyers should expect mortgage rates to remain in the mid-6 percent range through the end of the year. Rather than try to time rates, buyers should take advantage of more inventory and more negotiating power this fall.

August 2025 Mid-Atlantic Housing Market by Region

Philadelphia Metro:
Philadelphia area market shows signs of weakening in August.

After remaining resilient through the spring and summer, sales and listings were lower in August, suggesting that both buyers and sellers are becoming more cautious.
There were 6,000 sales in August across the Philadelphia metro area, a 1.7% drop from last August. And despite falling mortgage rates, new pending sales were also lower, declining by 0.9% compared to August 2024.
As market activity eased, price growth also slowed in August. The median sold price last month was $405,000, which was a 2.5% gain from last August, the smallest year-over-year increase in the median price since May 2023.
Rising affordability challenges are becoming a major constraint in the Philadelphia metro area housing market. Further drops in mortgage rates, along with slower price growth, could improve affordability and bring more buyers into the market this fall.

Baltimore Metro:

Baltimore area buyers holding back amidst a dearth of new listings.

In August, there were 2,788 closed sales across the Baltimore metro area, a slight 0.6% drop from last August. The number of new pending sales in the region was down by 0.7% year-over-year.
Fewer new listings could be driving some of the pullback on the buy side. A total of 2,998 new listings came onto the market in the Baltimore metro area in August, which was 3.0% lower than July and was down 2.1% from August 2024.
There has been a shift to more higher-end buyers in the market, which continues to push the median price higher. In August, the median sold price in the Baltimore metro area was $415,000, up 5.1% compared to a year ago.
Mortgage rates eased in August but not enough to entice buyers into the market in the Baltimore metro area. Affordability is a growing constraint, particularly for first-time and moderate-income buyers in the region.

Washington, D.C Metro.:
Opportunistic buyers are taking advantage of lower rates, more inventory in the Washington D.C. area market.

In August, there were 4,264 closed sales across the region, which was 2.0% lower than a year ago. However, buyers were active in August, putting contracts on 4,217 homes, which was a 2.9% uptick from last August.
New listings were down 2.7% year-over-year, and inventory is growing more slowly. However, the number of active listings is still 35.4% higher than it was last year at this time.
The median sold price in August was $625,000, which was up 2.1% compared to a year ago. Price growth has been slowing since the beginning of the year, and in August, median sold prices were down year-over-year in some local markets.
The Washington D.C. area housing market has slowed but it has not stalled out. However, uncertainty surrounding federal government layoffs and budget cuts have made prospective buyers and sellers more cautious over the last several months.
In the District of Columbia, the federal intervention in the city announced on August 11 could potentially have had a chilling effect on the housing market in the second half of August, with fewer pending sales and new listings, though market activity started to rebound heading into September.

The full Mid-Atlantic and market metro area reports are available at www.brightmls.com/marketreports.

Christy Reap
Bright MLS 
2023099362
christy.reap@brightmls.com

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