Mid-Atlantic Market Report Q2, 2021 (MD, VA, PA, CT, D.C.)

Homes are showing an average of 30 days on the market in Washington, D.C., despite the high unemployment rate. Median home prices have increased by 13% since 2020, and D.C. has hit a record high of closings in the last decade.

Virginia saw increases across the board for home prices, number of homes sold, and median sale price. Sales this year are 15% higher than in 2020 and do not show signs of slowing anytime soon.

Reports show Pennsylvania homebuyers facing inventory and price challenges. Home sales in the state are up 38% over last year and at an 11% price increase over 2020.

Maryland saw a 13.6% increase in home prices for 2021, compared to 2020. The number of houses sold increased by 28%, and the average sale price was 51% above asking, making it a highly competitive market.

Connecticut saw a statewide increase of 21% for home prices compared to 2020, as well as a 42% increase in the number of homes sold. 62% of homes in 2021 were sold above list price.