Rising inventory — not rates — is moving Mid-Atlantic buyers

Mid-Atlantic home sales rose on an annual and monthly basis in June, despite mortgage rates hovering around 6.5% for the entire month, a new industry report found.

Closed sales increased 7.3% year over year and 11.8% from May to 23,278 last month, while new pending sales jumped 3.9% annually to 22,817, according to Bright MLS' latest housing market report. Nationally, total home sales were up 4.5% from last year, but down 0.5% month over month, Redfin found. 

Listing activity also rebounded after a slow start to the year, as new listings grew to 25,649 last month, up 8.2% from last year, while total active listings reached 49,413, a 12.8% year-over-year spike. More inventory has been a key factor in pulling buyers off the sidelines, Bright MLS said.

"The Mid-Atlantic market continues to be driven by higher-end sales," Bright MLS Chief Economist Lisa Sturtevant said in a press release Friday. "Higher-income and repeat buyers are most active, while moderate-income and first-time buyers are often shut out."

The higher-income buyers elevated home prices in the region. The median sold price last month was $460,000, up 2.3% from June 2025 and a new record high for the Bright MLS service area, according to the release.

Prices rose at a similar rate nationally. The median home-sale price hit an all-time high of $408,776 in June, a 2.2% annual increase. Wealthy buyers were a factor as well, spiking luxury home sales in Florida, San Francisco, Boston and Nashville, Tennessee, specifically, Redfin found.

"High-end buyers are driving demand and prices in much of the country," said Chen Zhao, Redfin's head of economics research, in a press release Monday. "Many of the house hunters who are buying homes are the ones who can afford today's high prices and elevated mortgage rates without busting their budget."

Buyers may be acting now in fear of mortgage rates rising later in the year, Bright MLS said. The 30-year fixed-rate mortgage dropped six basis points to 6.43% to start July, but has since risen back up to 6.49%, according to Freddie Mac, in wake of the United States failed ceasefire with Iran.

Bright MLS also reported the median days on market held steady at 11 in June, while showing activity dipped 1.4% year over year to 389,661.

The three largest metros Bright MLS services, Philadelphia, Washington, D.C., and Baltimore, all saw increases in closed sales at or about 4%. Philadelphia posted the most with 6,774.

Washington, D.C., comfortably totaled the highest median sale price at $675,000, just shy of the record high in the region and a 3.8% increase from a year ago. While demand has been strong, the region's housing market is likely to cool in the second half of the year due to affordability constraints. Meanwhile, home prices are expected to rise in Philadelphia, as the city struggles with limited inventory, the release said.