MRED Blog

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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The number of homes under contract in MRED’s network surged in the final week of May. According to MRED’s weekly report, 3,596 homes went under contract through May 29, a 9.7% increase from the previous week. 

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Residential closed listings in MRED’s marketplace dipped for the second straight week during the second week of May. The 1,844 closed listings last week was a 14% week-over-week decrease and the lowest total since late March.

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MRED’s residential marketplace opened the first week of May with 6,017 new listings. That marked a 27% week-over-week increase compared to an 11% annual decline. It was the first time in nine months that a week had more than 6,000 new residential listings hit the market.

See the full weekly market snapshot.