Weekly Market Report: Week Ending April 21, 2024
The median list price hits a record high. For the week ending April 21, the median list price reached $399,990, a new record high for the Baltimore Metro service area. The median list price is up 6.7% from last year and increased 2.8% from a week ago.
Active listings continue increases over last year. There were 859 active listing in the Baltimore Metro service area. This spring has seen a consistent increase in activity inventory over 2023, with this week showing a 2.3% gain. However, despites these increases, supply remains tight in most markets.
Price decreases more frequent than in 2023. More sellers are dropping their asking price. This week 8.6% if all active listings in the Baltimore Metro saw a price decrease, which is 1.8 percentage points higher than this time last year. With mortgage rates just under 7% and list prices soaring, sellers may be adjusting their prices in response to buyers being pushed out of the market.
This Week
Showings: 14,577
New Purchase Contracts: 942
Median Time to Contract: 19 days
New Listings: 859
Median List Price: $399,990
