MASSACHUSETTS
Home Sales Up, Average Price Up
Home sales are up 6.0% year-over-year, with May 2024 at 6,362 compared to 6,000 last May. Sales are up across all categories.
- Single families: 3,616 (2023) | 3,887 (2024)
- Condominiums: 1,843 (2023) | 1,922 (2024)
- Multi-families: 541 (2023) | 553 (2024)
Average sale price increased 5.7% year-over-year, now at $747,332 compared to $706,991 in May 2023. Prices increased across all categories.
- Single families: $736,933 (2023) | $793,396 (2024)
- Condominiums: $658,673 (2023) | $673,456 (2024)
- Multi-families: $671,457 (2023) | $680,316 (2024)
Homes Listed For Sale:
The number of homes listed is up by 13.3% when compared to May 2023.
- 2024: 9,348
- 2023: 8,248
- 2022: 10,141
Pending Home Sales:
The number of homes placed under contract is down by 3.1% when compared to May 2023.
- 2024: 7,294
- 2023: 7,529
- 2022: 9,416
Price Adjustments:
The number of price adjustments is up 5.9% when compared to May 2023.
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- 2024: 5,652
- 2023: 5,337
- 2022: 6,845
Data provided by Warren Group & MLSPIN then compared to the prior year.
What’s Happening in the Market?
The housing market data in May for Massachusetts showed signs of a changing market, and we expect this to continue as the summer months roll on. As the year progresses, more and more sellers put their homes on the market. At the same time, many buyers have either already found homes or have given up on their search and decided to rent for another year. With more homes available, buyers have more choices, making pricing increasingly important for sellers. All the while, mortgage rates continue to ebb and flow, and greatly impact the decision-making of both buyers and sellers.
What does this mean for Buyers?
Earlier in the year, there was less inventory as sellers hesitated to list their homes, and buyers were out in droves leading to intense competition and bidding wars. Now, the summer is a great time for buyers as more sellers are listing their homes which is increasing inventory. At the same time, a lot of serious buyers who were in the market before have either found a home or have decided to rent for another year, leading to a break in the intense level of competition in the market. However, there are several benefits to homeownership, so there is still plenty of buyer demand in the market.
The average sale price in Massachusetts continues to climb, but as inventory continues to increase, this should help to slow price growth. Mortgage rates also create affordability concerns for buyers. In May, per Mortgage News Daily, mortgage rates started high but then came down to just under 7 in the middle of the month before cruising back up to the low 7s toward the end. Buyers need to be ready and informed of all their financing options so they are ready to take advantage of the opportunities the summer will bring!
What does this mean for Sellers?
As we head further into the summer market, sellers need to understand that as more homes get put on the market, that means they will face more competition, especially with a dwindling number of buyers out i