What buyers and sellers need to know about our housing market.
What’s happening in Massachusetts’ housing market in the first quarter of 2024? According to a report from Norada, it seems that home prices in the Massachusetts housing market are holding steady. Both single-family homes and condominiums have seen positive growth in their median sales prices. Single-family home prices increased by 6.9% last year, while condominium prices surged by an impressive 15.4%, more than double the rate of single-family homes. This suggests a healthy market without any signs of an impending crash, which is reassuring for consumers. In terms of the latest Massachusetts housing market data, there are some interesting trends to note. New listings have decreased by 4.8%, leading to a decline in actual inventory. Inventory has dropped by 7.8% for condominiums.
"Buyers should consider pre-qualification. "
Additionally, closed sales have notably decreased. By the end of December 2023, there had been a 21% drop in inventory for single-family home closings and a 16.5% decrease for condominium closings. Overall, these indicators suggest that the housing market is favoring sellers, which is positive news for those looking to sell their properties. However, for buyers, it's important to proceed with caution. Pre-qualification is crucial before entering this challenging market. If you have any questions, thoughts, or concerns, please don't hesitate to reach out to me. My name is Paul, and I'm with LAER Realty Partners. You can contact me using the number provided on the screen or visit us online at www.homesareus.com.
