Bright MLS November 2025 Housing Market Report: Mid-Atlantic Market Pumps the Brakes With More Homes for Sale and Fewer Buyers

North Bethesda, Md, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Buyers and sellers remained cautious across the broad Mid-Atlantic region in November, even as mortgage rates have inched downward in recent weeks. According to the Bright MLS November 2025 Housing Market Report, closed sales across the Bright MLS service area were down 4.6% year-over-year, and new pending sales were 1.6% lower than a year ago, signaling that many prospective buyers are still waiting on the sidelines.

Buyers and sellers stay cautious

Average mortgage rates in November were about a half of a percentage point lower than they were last November, but that improvement has not translated into stronger sales activity. Instead, buyers remain very sensitive to both affordability constraints and news about the broader economy, while many potential sellers are delaying listing their homes as they reassess their plans for 2026.

Sellers’ hesitation is evident in the slower flow of new listings. In November, the number of new listings coming onto the market was 4.4% lower than it was a year ago, bringing fewer fresh options for buyers even as demand has cooled and reinforced the slower pace in transactions across the region.

“Even with somewhat lower mortgage rates, homebuyers and sellers are still very cautious,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Economic uncertainty and ongoing affordability challenges remain the biggest constraints on the Mid-Atlantic housing market as we head into the final stretch of 2025.”

Inventory rises as homes stay on the market longer

Inventory continues to rise primarily because homes are taking longer to sell as buyers hold back. At the end of November, there were 43,026 active listings across the Bright MLS service area, up 19.7% compared to a year ago.

The median days on market in November was 20, nearly a week slower than last November, which means that properties are taking longer to go under contract and sellers are having to adjust expectations around timing, pricing and concessions.

Variation across subregions

There is significant variation across the Mid-Atlantic markets, with more affordable markets generally seeing stronger sales activity in November. In these areas, slightly lower mortgage rates and more options have helped support a steadier level of buyer interest.

In contrast, higher-cost markets were more subdued, as elevated prices and growing affordability challenges have made some households reluctant to move. This regional divergence underscores the importance of local market and economic conditions in shaping housing demand.

Sales tracking close to 2024 levels

Through November, sales in the Mid-Atlantic are tracking 0.1% below where they were in 2024, suggesting that total 2025 sales will end up very close to last year’s level. This flat performance reflects a tug-of-war between strong underlying housing demand and the constraints of higher home prices and still-elevated borrowing costs.

“There is still a considerable amount of pent-up demand in the Mid-Atlantic,” Sturtevant said. “However, many of these would-be buyers are waiting for a more favorable combination of mortgage rates and home prices before entering the market.”

Even with that expected improvement next year, local economic and demographic factors will continue to drive differences in sales and price trends across the Mid-Atlantic. Markets with stronger job growth, more diverse economies and a better supply of moderately priced homes are likely to see the earliest and most noticeable pickup in housing activity in 2026.

November 2025 Housing Market by Region

Philadelphia Metro: Market Showing Considerable Signs of Slowing

There were 4,754 closed sales, a 3.9% decline from a year ago.
Inventory continues to grow throughout the metro area. At the end of the month, there were 11,685 active listings for sale across the region, up 7.8% from last year.
The median sold price was $390,000, a 3.4% increase year-over-year.

Baltimore Metro: Buyers Continue to Wait and See

Closed sales fell 9.1% from a year ago, and the number of new pending contracts was down by 1.4%.
New listings were down 3.5%, but at the end of the month, active inventory jumped by 27.2% as days on market increased to 20, eight days longer than last year.
The median sold price in the Baltimore metro area was $399,990, essentially flat year over year.
Economic uncertainty and affordability continue to be constraints on the Baltimore area housing market.

Washington D.C. Metro: Buyers and Sellers Cautious

Closed sales were down by 6.4% year-over-year, and new pending contracts were 4.8% lower than last year.
There were 9,142 homes available for sale across the metro area, a 33.7% increase from a year ago.
The median sold price was $630,000, which reflects a 5.0% year-over-year gain with higher-end buyers driving the increase.
Stronger market conditions are found in the Northern Virginia areas, with weaker conditions in the District of Columbia and the Maryland suburbs.

Outlook for 2026

Looking ahead to 2026, lower mortgage rates and somewhat softer prices should start to bring more buyers back into the market, especially in the region’s more affordable submarkets. As borrowing costs edge down and income growth gradually improves, some of the affordability pressures that weighed on 2025 activity are expected to ease, bringing more buyers back into the market in 2026.

To view Bright’s full 2026 housing forecast including submarket information, please visit: https://brightmls.com/2026forecast

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

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