MASSACHUSETTS
Home Sales Down, Average Price Up
Home sales are down 6.1% year-over-year, with September 2024 at 5,444 compared to 5,800 last September. Sales are down across all categories.
- Single families: 3,617 (2023) | 3,482 (2024)
- Condominiums: 1,668 (2023) | 1,490 (2024)
- Multi-families: 515 (2023) | 472 (2024)
Average sale price increased 4.3% year-over-year, now at $713,545 compared to $684,208 in September 2023. Prices increased across all categories.
- Single families: $707,730 (2023) | $738,731(2024)
- Condominiums: $626,077 (2023) | $643,949 (2024)
- Multi-families: $707,288 (2023) | $747,450 (2024)
Homes Listed For Sale:
The number of homes listed is up by 17.0% when compared to September 2023.
- 2024: 8,579
- 2023: 7,330
- 2022: 8,372
Pending Home Sales:
The number of homes placed under contract is up by 12.2% when compared to September 2023.
- 2024: 6,217
- 2023: 5,541
- 2022: 6,542
Price Adjustments:
The number of price adjustments is up 55.9% when compared to Septmeber 2023.
-
- 2024: 862
- 2023: 553
- 2022: 865
Data provided by Warren Group & MLSPIN then compared to the prior year.
What’s Happening in the Market?
- Following along with national housing market trends for the month, Massachusetts saw a decrease in home sales and an increase in sales price when compared to this time last year.
- The market is showing signs of rebalancing as new listings increase and overall sales slow down. This trend is more than just the seasonal slowdown and suggests a shift away from the intense seller’s market, offering buyers more choice and potentially reducing competition. As inventory grows, sellers may need to adjust prices, leading to a more moderate market pace that benefits buyers looking for a better deal.
- According to Mortgage News Daily, the 30 year fixed rate mortgage rate dropped to 6.1% in September and remained within the 6.1% to 6.3% range. However, as October began, rates started to climb again, reaching a peak of 6.9%. While this marks a recent increase, it’s still an improvement from the same period last year, when rates stood at 7.9%.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Buyers, we’re in the fall market, and competition among buyers is expected to decrease, making now an excellent time to purchase a home. Watch Anthony’s video here for more insights!