Across the Bright MLS footprint — which covers major parts of the Mid-Atlantic — inventory has
remained constrained for years. As of November 2023, active listings across the region dropped
to 32,522, that’s roughly half of what was available in 2019.
Within that broader context, certain sub-markets stand out for especially tight supply:
- Baltimore-area suburbs (Howard, Anne Arundel, Baltimore County, parts of
Central Maryland): In the most recent Home Demand Index for Baltimore, demand
remains elevated relative to last year across almost all home types — from entry-level
single-family homes to luxury condos. - Close-in Northern Virginia suburbs (e.g. Arlington, Alexandria, Falls Church):
While broad regional stats don’t always isolate these sub-markets, anecdotal and
local-market reports continue to describe them as supply-constrained, given limited land,
zoning constraints, and consistent demand from D.C.-area workers. - Select Central Maryland commuter towns (Columbia, Ellicott City, Odenton,
Crofton, etc.): Demand remains high for mid-priced, move-in–ready homes — and
competition is fierce, especially for homes under $600K. Resale supply remains thin. - Philadelphia-area suburbs (especially in Montgomery and Chester Counties):
While overall metro data is patchier, suburban resale markets have seen
lower-than-average listing volumes — particularly for renovated single-family homes
under the mid-price range — contributing to localized tightness.
In short: even if the overall Mid-Atlantic region shows modest inventory increases compared to
last year, many of the “classic suburbs + commuter towns” remain very constrained.
What the Data Shows (and Why It Matters)
Recent reports illustrate how constrained supply continues to drive market dynamics:
- According to Bright MLS, inventory had declined for six straight months leading up to
November, and total active listings were about 5.5% lower than the year prior, reflecting
persistent under-supply. - As a result, the region’s median home price rose 5.7% year-over-year in that period —
the fastest rate of price growth in over a year. - In the Baltimore metro specifically, that translated into an 8.9% year-over-year increase
in median sold price — showing that limited supply plus steady demand continues to
support price appreciation. - Moreover, time on market remains low: in November, the median days on market stayed
around 11–12 days in many hot-submarkets.
For sellers, this means well-priced, well-prepared homes still sell quickly — and likely at strong
prices. For buyers, it means competition remains fierce; patience, flexibility, and preparedness
(pre-approval, quick decision-making) remain critical.
Why Inventory Varies So Much by Sub-Market
Why is the Mid-Atlantic not one uniform region — but a patchwork of micro-markets with very
different inventory dynamics? A few reasons:
- Land and Zoning Constraints — In older, developed suburbs (like parts of Northern
Virginia or Central Maryland), there’s simply limited land available for new housing, and
zoning or subdivision regulations slow down new construction. That keeps resale
inventory low. - High Demand from Commuters & Job Centers — Suburbs with easy commuter
access to major employment hubs (Baltimore, D.C., suburban job centers) draw
consistent demand from working families — putting continual pressure on available
homes. - Affordability Bands Under Pressure — A lot of demand is concentrated around certain
price bands (e.g., $350K–$600K for move-up or first-time buyers). These homes turn
over quickly, limiting how often inventory refreshes. - Limited New Construction or Slow Build-Outs — In many of these hot sub-markets,
builders either aren’t adding enough new supply — or new developments take time
(approvals, infrastructure, etc.), so resale remains the main source of homes. - Economic and Demographic Stability — Steady employment, good schools, and
stable town reputations make some communities “sticky”: fewer homes get listed, and
when they do, they move fast.
What This Means for Buyers
If you’re a buyer in the Mid-Atlantic (or working with clients), here’s what tight, uneven inventory
means for you now:
- Expect competition. Well-priced, well-presented homes in desirable sub-markets will
attract multiple offers — you’re likely competing. - Be ready before you shop. Having mortgage pre-approval, financing in place, and
flexibility on closing timelines improves your chances. - Have a plan B. Because inventory is limited, being open to alternate neighborhoods,
house types (townhouses, condos), or slightly older homes can help. - Focus on readiness and offer strength. Sellers have the leverage — so timing,
condition, and presentation count.
What It Means for Sellers
For sellers — especially in tight-inventory sub-markets — the conditions remain favorable:
- Strong pricing potential. With few homes to choose from, buyer demand keeps bids
competitive. - Speed matters. Homes in good condition, clean, updated, and ready to show tend to
outperform similar but less-prepared properties. - Leverage if priced right. Even in a slightly cooling broader market, local supply
constraints give sellers a relative advantage. - Timing still helps. Listing when inventory dips (e.g., early spring, late winter) maximizes
visibility — though some micro-markets remain tight year-round.
The Bottom Line
The Mid-Atlantic isn’t a uniform real-estate market — it’s a mosaic of micro-markets. And in
many of the commuter suburbs and established towns around Baltimore, the DC-metro, and
Central Maryland, supply remains tight.
For buyers: expect competition, be prepared, and stay flexible.
For sellers: well-crafted, well-timed listings remain likely to perform — provided they’re priced
and presented right.
Thinking about buying or selling in one of these tight-inventory markets? Contact Mr.
Lister Realty for a local strategy session.