Your Guide To Massachusetts’ Housing Market in 2024

What buyers and sellers need to know about our housing market.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

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.

Discover the Latest Trends in the Boston Real Estate Market: Home Sales Are Down

What buyers and sellers need to know about the Boston housing market.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

Today, I’m here to share some information about the Boston real estate market. The market trends for 2023 are very unique, so it’s important to stay caught up.

First, know that single-family home sales have fallen for the eighth month in a row, decreasing by 33.8%, down to 500 homes. The sales volume also reflects this trend, with a 44.8% decrease. Same with condominium sales, which are down 24%, from 728 last year around this time to 553 this year. Another important statistic to pay attention to is the list-to-sales-price ratio, which is at 96.6%. Plus, active listings have increased recently, climbing 55.5% to 925 listings last month. Lastly, you should know that buyers are returning to the market. This is because inventory levels are expected to improve soon, and rates are set to decrease, so people are eager to get into the spring market. If you have questions about any of this or have concerns about the market, don’t hesitate to reach out. You can call me anytime at (978) 256-3306 or visit my website by clicking here. I hope to hear from you soon!

What You Need To Know About 2023’s Housing Market

What buyers and sellers need to know about our housing market.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

What’s going on in Northeastern Massachusetts’ real estate market? According to some experts, everything is about to change. Daniel Hale, the chief economist for Realtor.com, predicts that 2023 may not be a buyer’s or seller’s market; instead, it could be a “nobody” market.

One reason for this is increasing inventory. For a long time, our market has been experiencing an extreme inventory shortage. However, the housing supply could increase by 22.8% this year. This will slow down the crazy growth we’ve seen over the last few years, but home prices are still expected to increase by 5.3% by the end of 2023. 

This means sellers can still get a lot of money from their houses. However, the market is expected to slow down overall. Fortunately, a strong job market should help buyers keep up with increasing home prices. Households will need to make tough budgeting decisions when deciding to sell or buy, so reach out to an expert to discuss your situation.

If you have questions about this topic or anything else, please call or email me. I am always willing to help!

Our Market Explained in 5 Key Points

Here’s what buyers and sellers should know about our housing market.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

“What’s happening in our housing market?” People ask me this all the time.

To make things easy for you, I’ve broken down our market into five key points:

1. The market is shifting. We’re moving from a crazy seller’s market to a

more balanced market.

2. Interest rates are up. Money is a bit more expensive for buyers than
it used to be. This is the main reason our market is shifting. 

3. Our market is better for buyers. There are fewer bidding wars and
less competition. 

4. There are more opportunities. More homes are coming onto the market,

so people looking to move will have more choices. 

5. Your situation is key. No matter what is happening in our market at any

given moment, your personal situation is the most important factor when

determining whether or not to buy or sell. 

If you have questions about your situation or anything else, please

call or email me. I look forward to hearing from you.

Our Latest Real Estate Market Update

Here are the latest news and notes from our local real estate market.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

The real estate market is currently experiencing a boom. Our clients have seen many showings, multiple offers, and increased sale prices—much more than expected. The average sale-to-list-price ratio is about 99% right now. Both inventory levels and days on market are at 20-year lows.

Mortgage rates are at 50-year lows—though they’re slightly increasing, so we’re keeping an eye on them. We currently have a list of buyers who are ready to purchase and just waiting for new homes to hit the market. So if you’re considering selling your house, now is the time. Your property is worth much more than you think it is.

If you have any questions or would like a complimentary comparative market analysis, please feel free to reach out to us via phone or email. We would love to be your real estate resource.

Now is a Great Time to be a Move Up Buyer

Looking to buy or sell a home in Merrimack Valley? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (978) 852-3001 for a FREE home buying or selling consultation to answer any of your real estate questions.  

 
Today I wanted to speak with you about a phenomenon that is happening in our market. Did you know that there has been a 15% increase in the number of pending sales in the Merrimack Valley?

This is fantastic news. It hasn't been since 2004 since we have seen this kind of increase. Over the past 12 months we have seen more and more sales take place, so the recession is over!

The other part of this good news is that you probably have more equity in your home than you have had in the last 10 years.

Let me ask you: have you been thinking about making a move? Are you trying to transition into a dream home but have been holding back because you don't have enough equity in your home?

Now is a great time to be a move up buyer. If you're interested in making a move in the Merrimack Valley, then please do not hesitate to contact me.

I would be more than happy to provide you with a complimentary market analysis for your home to help guide your future decisions.

Have a great day!