Greater Boston
Despite the fact that more homes have been listed and sold in 2024 vs. 2023, prices are still rising. In Q3 the condo market showed signs of softening in terms of price and activity, while single-family home activity and prices remained strong.
What have sales looked like this quarter?
The total number of sales for single-family homes in Q3 2024 increased by 8% compared to Q3 2023. The condo market has experienced a slight decrease in sales by 2% in the same time period. More inventory has come on the market for single-family and condos compared to last year at this time; however, we are seeing sales and prices increase for single-families while condo sales and prices are lagging behind.
What has been a trend with home prices?
Average single-family home prices rose from Q3 2023 to Q3 2024, with an increase from $935,378 to $968,293. However, the median sales price for single-family homes in Q3 trended slightly up by 1.3% compared to this time last year. The median sales price for condo sales experienced very little change. Demand for housing in Greater Boston remains strong, with limited inventory pushing buyers to pay premium prices. Even with more homes hitting the market, supply still falls short of buyer demand.
Have days to offer increased or decreased relative to last year?
With still too few homes on the market for buyers, single-family homes sold relatively quickly. In Q3 2024 sellers were accepting offers within 7 days of listing their home while the condo sellers accepted offers within 9 days of listing their home. In Q3, there was zero change in the amount of time single-family homes sold year-over-year, while the condo market increased slightly.
What can buyers and sellers expect for the upcoming quarter?
Interest rates decreased this quarter, boosting buyers’ purchasing power. However, the drop hasn’t significantly affected inventory levels. Inventory has increased some since last year and it’s hopeful this trend will increase even more in the 2025 spring market. Q4 is typically the slowest period, so inventory will slow down significantly during this time.
Buyers can continue to expect low inventory, steady demand, and rising home prices. Sellers should anticipate a competitive market, quick sales, and the need to price strategically given the competition they face.
According to MLS PIN 5 Yr. Quarterly Report the 5-year trend through 2023 is that the number of sales has decreased and the average sales price continues to increase year-over-year. Days on market and days to offer have remained fairly steady from 2022 to 2023. This trend should continue to remain the same in rounding out the end of 2024.
Cape Cod and The Islands
What was the market like for Cape Cod?
The 811 single-family sales on Cape Cod in Q3 2024 represented a 13.3% year-over-year increase. Median sales price was $1,034,172, a 0.3% decrease. Average days on market was up 20% to 44 days. This same period also saw 118 condo sales, a 9.2% decrease from Q3 2023. Median sales price increased 0.2% to $484,656. Days on market (29) was down 65.5% year-over-year.
“Looking ahead, I am optimistic and looking forward to another strong year. Despite a potential increase in inventory, I don’t believe it will meet the high demand. Particularly in the lower price range, demand is likely to rise again, reflecting the significant reduction in mortgage interest rates. Given the continued demand outweighing inventory, I anticipate home values on Cape Cod will remain strong.”
– Rick Shechtman, Kinlin Grover Compass Agent
What was the market like for Martha’s Vineyard and Nantucket?
The 140 single-family sales on Martha’s Vineyard and Nantucket in Q3 2024 represented a 6% year-over-year decline. Median sales price was $2,696,250, an 8% jump. Average days on market was up 0.6% to 164 days.
“Now is an excellent time to buy. We are seeing a steady and constant influx of buyers entering the market, particularly with interest in buying on Nantucket. In Q3, we had a $30M listing go under agreement after receiving multiple bids. The upcoming Spring market is poised to be even more competitive and active. We’re already experiencing an uptick in sellers listing properties on the island and expect that to continue throughout the Fall.”
– Allison Mazer, Principal Agent of The Mazer Group. Operating in Nantucket & Boston.
