Greater Boston
Sales activity in the Greater Boston real estate market was up slightly in the 2nd quarter of 2024 (Q2 2024) for single-family homes compared to Q2 2023 and slightly under 1% for condos compared to Q2 2023. The following observations are drawn from year-to-date MLSPIN data encompassing 100 towns in Greater Boston communities through June 30, 2024.
What has inventory looked like this quarter?
The number of homes available to buy at the end of the quarter was significantly higher than it was at the end of the same period in 2023. The number of new listings brought to market in Q2 2024 was higher than Q2 2023. The number of single-family homes available on June 30, 2024 was up by 39% vs June 30, 2023. The number of condos available was up a little over 8.5%. Inventory increased during Q2 2024 possibly due to a late start of the spring market which can be viewed as a positive for buyers, but a little more competitive for sellers.
What are current home price trends?
The trend for home prices was up for single-family homes and condos for Q2 2024. For Q1 2024, the median sales price for single-family homes increased by 2.58% year-over-year to $795,000 with the average sale price increasing slightly by 7% to $1,017,359. The median sale price for condos was $679,000, up slightly from the same time last year by a little over 1%, with the average sale price slightly over 2.5% to $787,121.
Have days on the market increased or decreased relative to last year?
With an increase in inventory and sale prices for Q2, 2024 the days to offer for a single family remained the same with a 0% change at 7 days and the same for condos with a 0% change at 8 days to offer. Both single-family and condo homes are going under contract quickly which means buyers need to be prepared to act fast when looking for a home.
What can buyers/sellers expect for the upcoming quarter?
This is difficult to predict, especially in an election year. The trend is that sellers usually stay put until after the election to decide to sell their home. However, if the inventory continues to increase for Q3, it could be a more improved market for buyers coupled with decreasing mortgage rates.
CAPE COD AND THE ISLANDS
What was the market like for Cape Cod?
The 852 single-family sales on Cape Cod in Q2 2024 represented a 12% year-over-year increase. Median sales price was $769,500, a 6.9% jump. Average days on the market were up 20% to 36 days. This same period also saw 215 condo sales, a 4.4% decrease from Q2 2023. The median sales price increased 17.7% to $525,000. Days on market (41) was up 13.9% year-over-year.
The prime selling market occurs during Q2 on Cape Cod as vacationers and second-home buyers seek properties to enjoy the summer months by the beach. Following the spring buying frenzy, a more typical pre-COVID lull was observed in June and early July, with clients preoccupied with graduations and weddings. I am anticipating an increase in inventory based on client inquiries with the next busy market on Cape Cod commencing around mid-August and into early fall.” – Sandra Tanco, Kinlin Grover Compass Agent
What was the market like for Martha’s Vineyard and Nantucket?
The 106 single-family sales on Martha’s Vineyard and Nantucket in Q2 2024 represented a 41.1% year-over-year decline. Median sales price was $2.3 million, a 25% jump. Average days on market was up 55.6% to 210 days.
For the fall market we are expecting more inventory to come on the market as the summer season comes to a close. Additionally, we expect motivated sellers already on the market to implement price changes where listings have not sold. Buyer options in the fall should be the best they have been in a few years, with at least a handful of excellent opportunities across the whole spectrum of price ranges.”
– Peyton Wallace, Martha’s Vineyard Compass Agent
