MASSACHUSETTS
Home Sales Up, Average Price Up
Home sales are up 9.1% year-over-year, with October 2024 at 6,125 compared to 5,616 last October. Sales are up across all categories.
- Single families: 3,518 (2023) | 3,926 (2024)
- Condominiums: 1,562 (2023) | 1,649 (2024)
- Multi-families: 536 (2023) | 550 (2024)
Average sale price increased 7.6% year-over-year, now at $729,205 compared to $677,746 in October 2023. Prices increased across all categories.
- Single families: $703,058 (2023) | $761,632 (2024)
- Condominiums: $623,028 (2023) | $651,584 (2024)
- Multi-families: $671,070 (2023) | $730,464 (2024)
Homes Listed For Sale:
The number of homes listed is up by 15.5% when compared to October 2023.
- 2024: 7,580
- 2023: 6,563
- 2022: 6,586
Pending Home Sales:
The number of homes placed under contract is up by 17.6% when compared to October 2023.
- 2024: 6,789
- 2023: 5771
- 2022: 6,182
Price Adjustments:
The number of price adjustments is up 3.8% when compared to October 2023.
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- 2024: 757
- 2023: 729
- 2022: 772
Data provided by Warren Group & MLSPIN then compared to the prior year.
What’s Happening in the Market?
- Nationally, existing home sales rose 3.4% in October to an annual rate of 3.96 million, marking the first year-over-year increase in 37 months since July 2021. Similar to this national trend, Massachusetts saw increases in both home sales and prices compared to last year
- The housing market often shifts in response to economic and political events. Last month, home sales declined compared to the same time last year, likely due to pre-election uncertainty causing hesitation among buyers and sellers. With the election now behind us, home sales are rising again, possibly driven by clearer economic policies and a renewed focus on long-term planning, paving the way for steady market activity moving forward.
- According to Mortgage Daily News, mortgage rates in October began at approximately 6.2% and steadily rose to around 7% by month’s end. Despite the rise, rates are still lower than the 7.9% recorded during the same time last year, showing some year-over-year improvement.
- Sellers, keep in mind that homes do sell during the holiday season, often to serious and motivated buyers. Listing your home now can give you an advantage, with fewer competing properties and increased attention on your listing.
- Sellers and buyers, navigating the process of selling and buying at the same time can be overwhelming, especially during the holiday season. However, with the current market presenting a great opportunity for buyers and sellers, it’s worth considering. Taking the right steps now could help you make a smooth transition, balancing both the sale of your current home and the purchase of your new one.