MRED Blog

MRED’s residential marketplace saw 4,744 new listings during the first full week of July, which included the holiday. That mark was a 4% week-over-week decrease and a 29% year-over-year decrease. This was the third straight weekly decline in that metric, which had just seen three consecutive weeks of increases.

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The median residential sales price in MRED’s marketplace reached $330,000 last week. That mark was a 5% week-over-week increase and a 6% year-over-year bump. It was also the largest single-week total in more than 12 months.

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MRED’s residential marketplace saw 40,713 total active listings last week. That mark was a 1% week-over-week bump and the third consecutive week of overall increase. The total is also the largest since the first week of December.

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The number of homes under contract across MRED’s service area reached the highest level of 2023 for the week ending June 20, with 3,943 properties recorded as being in contingent, closed or pending status. That’s a 9.6% increase over the week of May 22, which saw the second highest number of under contract listings. 

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The number of new residential listings added to MRED’s system leaped 5.4% for the week ending June 11, 2023, the second strongest showing this year. The 5,897 new listings added was second only to 6,017 new listings added the week of May 22, 2023. 

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Median prices for residential properties in MRED’s connectMLS reached their highest point this year in the week ending June 4. The median price of a home was $327,000, a 7.2% increase over the previous week and a 2.2% gain over the median price for the same week in 2022.

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