The Massachusetts real estate market showed impressive resilience in October 2024, with both single-family home and condo sales experiencing year-over-year growth. A new report from The Warren Group highlights these trends, revealing continued price increases amidst challenging market conditions. Here's a closer look at the numbers and what they mean for buyers and sellers.
Single-Family Home Market: Growth in Sales and Prices
The Massachusetts single-family home market recorded significant gains in October:
| Metric | October 2023 | October 2024 | % Change 2023-2024 |
|---|---|---|---|
| Single-Family Home Sales | 3,518 | 3,926 | +11.6% |
| YTD Single-Family Home Sales | 34,226 | 34,784 | +1.6% |
| Median Sale Price | $575,570 | $615,000 | +6.9% |
| YTD Median Sale Price | $570,000 | $616,925 | +8.2% |
October's single-family home sales rose 11.6% year-over-year, reaching 3,926 transactions, while the median sale price increased by nearly 7% to $615,000, setting a new record for the month. Year-to-date figures also reflected strong growth, with median prices up 8.2% to $616,925.
The rise in activity comes despite elevated mortgage rates and limited inventory. Buyers took advantage of a brief dip in mortgage rates in September, leading to increased closings in October. However, inventory constraints and sustained demand continue to push prices higher, creating challenges for affordability.
Condominium Market: Steady Gains in Sales and Prices
Massachusetts condominiums also performed well in October:
| Metric | October 2023 | October 2024 | % Change 2023-2024 |
|---|---|---|---|
| Condominium Sales | 1,562 | 1,649 | +5.6% |
| YTD Condominium Sales | 16,362 | 15,843 | -3.2% |
| Median Sale Price | $500,000 | $511,000 | +2.2% |
| YTD Median Sale Price | $515,000 | $539,900 | +4.8% |
October saw a 5.6% increase in condo sales, reaching 1,649 transactions, while the median price rose by 2.2% to $511,000—another record high for the month. Year-to-date data reflects a slight dip in total sales but a healthy 4.8% rise in median prices, suggesting continued demand for condos even in a constrained market.
Greater Boston Market: Strong Regional Performance
The Greater Boston area showed particular strength in October, with notable growth in both single-family home and condo sales.
Single-Family Homes
| Metric | October 2023 | October 2024 | % Change 2023-2024 |
|---|---|---|---|
| Single-Family Home Sales | 1,626 | 1,840 | +13.2% |
| YTD Single-Family Home Sales | 16,499 | 17,014 | +3.1% |
| Median Sale Price | $715,000 | $736,750 | +3.0% |
| YTD Median Sale Price | $720,000 | $765,000 | +6.3% |
The Greater Boston single-family home market recorded a 13.2% increase in October sales, reaching 1,840 transactions. Median prices also rose by 3% year-over-year to $736,750, while year-to-date prices climbed 6.3% to $765,000.
Condominiums
| Metric | October 2023 | October 2024 | % Change 2023-2024 |
|---|---|---|---|
| Condominium Sales | 1,103 | 1,153 | +4.5% |
| YTD Condominium Sales | 11,860 | 11,533 | -2.8% |
| Median Sale Price | $575,000 | $605,000 | +5.2% |
| YTD Median Sale Price | $600,000 | $625,000 | +4.2% |
The Greater Boston condo market also saw growth, with October sales increasing by 4.5% and median prices reaching $605,000, up 5.2% year-over-year.
Market Outlook: Opportunities and Challenges
The Massachusetts housing market continues to demonstrate resilience, with strong demand driving sales and price growth despite ongoing inventory challenges. Buyers and sellers navigating this market should be prepared for competitive conditions and take advantage of opportunities such as lower interest rates when they arise.
Key Takeaways:
- Record Prices: October 2024 set new price records for single-family homes and condos, reflecting sustained demand.
- Regional Strength: Greater Boston remains a robust market, with significant year-over-year growth in sales and prices.
- Buyer Challenges: Limited inventory and high prices require careful strategy for buyers entering the market.
Whether you're looking to buy, sell, or invest, understanding these trends can help you make informed decisions in this dynamic market.
