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March 2024 » thefivestar.com 79 March 2024 J O U R N A L median price in the Philadelphia metro area is now 55% higher than it was in January 2019. » Inventory is still very limited across the region. There were just 8,511 active listings across the region at the end of January, down 6.5% compared to a year ago. There is very little new listing activity, as current homeowners are still sitting on the sidelines, holding onto low mortgage rates. » Buyers who are in the market need to act quickly. In January, the typical home sold in just 18 days, which is three days faster than a year ago. » Showing activity is lower than it was last year, but that is not an indication of less demand. Rather, it is an indication of too few homes available for sale. No. 2: Baltimore—Homebuyers Enticed by January Dropping Rates Buyers continue to face higher prices and a quick market in this harbor area— also the birthplace of the national anthem. » Closed sales outpaced last year's level, which reflected more buyers putting in offers at the end of the year. There were 1,728 closed sales in January 2024, 1.6% higher than January 2023. » In January, the median sold price was $355,000, up 7.6% from a year ago. Pric- es were up strongly in all local markets in the metro area. » Half the homes in January 2024 were off the market in 19 days or fewer. The median day on the market is three days quicker than last year. » Overall, there were 3,519 active listings at the end of the month, which is 1.8% lower than a year ago. Inventory is less than half of what it was in 2019. There has been a dearth of new listing activity across the Baltimore area, as current homeowners are staying on the side- lines, holding onto low mortgage rates. No. 3: Washington, D.C.—Buyers Unde- terred by High Prices and Elevated Rates Median price growth started strong in 2024, with an increase of 7% in the famed U.S. capital. » Closed sales inched above last year, increasing a slight 0.2% compared to January 2023. Despite affordability chal- lenges, there remains a strong desire for homeownership in the Washington, D.C., metro. » In January, the median sold price in the Washington, D.C., metro was $535,000, rising 7.0% year over year. Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019. » Showing activity and new pending sales were lower in January than they were last year. Elevated rates have tempered some demand yet the major constraint on the Washington, D.C., metro area housing market is a lack of inventory. » There was a total of 4,930 active listings at the end of January, down 4.8% compared to a year ago. New listing activity has been at historically low levels, as current homeowners remain on the sidelines, holding onto their low mortgage rates. Buyers will look to smaller and more affordable Mid-Atlantic markets, accelerat- ing price growth in areas like Philadelphia, Central Pennsylvania, and the Maryland– West Virginia Panhandle. Price growth may slow even more in 2024 as inventory rises, but there are no indications that prices will drop in Bright MLS markets.