2023 Mid-Atlantic & National Residential Housing Stats

The housing market has reached a reckoning point.

The housing sales stats are not national, but are pulled from Bright MLS, which serves large portions of 5 states and DC: Virginia, Maryland, DC, Pennsylvania, Delaware, New Jersey and West Virginia.

The interest rate stats are from FreddieMac’s weekly mortgage survey.

Some of these areas are suburban, some rural and others are major metropolitan areas (DC, Philadelphia and surrounding counties).

Housing Stats

• Mortgage Rates

The “bottom” of the rates occurred in January of 2021.

Mortgage rate chart from FreddieMac highlighting January 2021.
Courtesy of FreddieMac PMMS. This was the lowest rate reported in the survey of lenders. First week of January, 2021.

The rates did not immediately go up from there… and you can see they “stayed low” until December of 2021.

Courtesy of FreddieMac PMMS. The rates were still reported at around 3%.

Shortly after that, the mortgage rates began to sharply rise, in response to the fed raising rates.

Courtesy of FreddieMac PMMS. The survey at the end of February 2023 shows the 30 year rates reported at 6.5%. That is approximately a 145% increase from the lows.

• Inventory…Down?

The mortgage rates going higher is well known. And in itself, is no longer newsworthy.

The real concern is how the market has reacted.

Month/YearAppx. Mortgage Rate90 Day Avg # Listings90 Day Avg Sales Price
January 2021• 2.65 %• 95,133• $392,000
January 2022• 3.22 % • 84,463•$424,333
January 2023• 6.48%• 62,230• $432,667
Rates have gotten higher, number of homes for sale has sharply decreased. Prices are still maintaining in many markets. Stats from BrightMLS.

The rates are higher, so listings should stay on the market longer. But prices so far are stable overall in the Bright MLS market.

This means buyers will have to pay a lot more for a home because of the sharp rate increases.

And the selection of homes for sale has gone down.

• Number of New Listings

Month/Year90 Day Avg # Listings90 Day Avg New Listings% of New Listings
January 2021• 95,133• 23,840• 25.0%
January 2022• 84,463• 21,642• 25.6%
January 2023• 62,230• 18,499• 29.7%
This chart shows the 90 day avg new listings by the month. And what percent of listings for sale were newly listed vs on the market previously. Stats from BrightMLS.

The number of new listings that make up the current 90 day average is up about 4%. If the market slows down more, this number could increase.

However, for the market to be more balanced more homes need to be listed.

• New Construction Housing Stats

Note: these are national statistics, from the census bureau. Stats are seasonally adjusted (see glossary from the bureau.)

New construction housing starts:

  • January 2022: 1,666,000
  • January 2023: 1,309,000
  • Jan. year over year increase/decrease: (-21%)

Permits issued for new construction projects:

  • January 2022: 1,841,000
  • January 2023: 1,339,000
  • Jan. year over year increase/decrease: (-27%)

Completed new construction residential projects:

  • January 2022: 1,247,000
  • January 2023: 1,406,000
  • Jan. year over year increase/decrease: 13%


  •  Interest rates have gone higher, and are projected to continue to move up and/or stay high for the foreseeable future.
  • In the BrightMLS served mid-atlantic area, the 90 day average number of listings has decreased 26% year over year. And that average is down 34% from 2 years ago this time.
  • Prices, on average, have not decreased year over year (they are slightly higher). Keep in mind some areas have seen decreases and others increases.
  • Prices could go down in the near future, especially if the number of listings increase.
  • The 90 day average of new listings hitting the market is lower year over year, but new listings makeup 29.7% of total homes for sale (last year was 25.6%).
  • Listings are staying on the market slightly longer on average.
  • Nationally, new construction starts and permits issued has decreased year over year. Housing completions are higher year over year. But new construction supply could decrease due to less building. It will depend also on overall market conditions.

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Will Rodgers

Will Rodgers is a real estate expert, creator of this site and partner at the Alper Real Estate Group. Will has been sought after by many major publications for his expertise and creates sought after content for buyers, sellers and investors.