The Massachusetts housing market continues to break records, with single-family home prices reaching an all-time high of $615,000 in 2024, reflecting a 7.9% year-over-year increase. As demand for homes remains strong, sales activity has also picked up, indicating a robust and growing real estate market across the state.
For prospective buyers, sellers, and investors in Cape Cod, Greater Boston, and beyond, these trends provide critical insights into market conditions and future opportunities. Let’s break down the latest data and analyze what it means for you.
Massachusetts Single-Family Home Market: Key Trends
The single-family home market in Massachusetts continues to appreciate, with prices hitting new highs in December 2024.
Statewide Single-Family Home Sales & Prices
| Metric | December 2023 | December 2024 | % Change (2023-2024) |
|---|---|---|---|
| Single-Family Home Sales | 3,150 | 3,657 | +16.1% |
| YTD Single-Family Sales | 40,828 | 42,019 | +2.9% |
| Median Single-Family Home Price | $540,000 | $600,000 | +11.1% |
| YTD Median Single-Family Price | $570,000 | $615,000 | +7.9% |
🚀 Key Takeaway:
- Home prices continue to rise steadily, fueled by high demand and limited inventory.
- Sales volume has increased, indicating a more active market than in 2023.
- Buyers should prepare for competitive bidding, while sellers can capitalize on high home values.
Massachusetts Condominium Market: Growth & Challenges
While the condo market also saw price growth, sales declined slightly year-over-year, marking the fewest annual condo sales since 2011.
Statewide Condominium Sales & Prices
| Metric | December 2023 | December 2024 | % Change (2023-2024) |
|---|---|---|---|
| Condominium Sales | 1,350 | 1,492 | +10.5% |
| YTD Condominium Sales | 19,199 | 18,783 | -2.2% |
| Median Condominium Price | $496,744 | $521,750 | +5.0% |
| YTD Median Condominium Price | $510,000 | $535,000 | +4.9% |
📉 Key Takeaway:
- Condo sales have slowed, but prices continue to rise, making them a solid investment for buyers looking to enter the market.
- Inventory constraints and high demand have pushed prices up despite fewer transactions.
Greater Boston Housing Market: A Closer Look
The Greater Boston market remains one of the hottest in the state, with single-family and condo prices outpacing statewide growth.
Greater Boston Single-Family Home Market
| Metric | December 2023 | December 2024 | % Change (2023-2024) |
|---|---|---|---|
| Single-Family Home Sales | 1,466 | 1,719 | +17.3% |
| YTD Single-Family Sales | 19,642 | 20,383 | +3.8% |
| Median Single-Family Home Price | $700,000 | $750,000 | +7.1% |
| YTD Median Single-Family Price | $715,000 | $760,000 | +6.3% |
Greater Boston Condominium Market
| Metric | December 2023 | December 2024 | % Change (2023-2024) |
|---|---|---|---|
| Condominium Sales | 964 | 1,044 | +8.3% |
| YTD Condominium Sales | 13,866 | 13,580 | -2.1% |
| Median Condominium Price | $580,000 | $602,950 | +4.0% |
| YTD Median Condominium Price | $599,900 | $620,000 | +3.4% |
💡 Key Takeaways for Greater Boston Buyers & Sellers:
- Boston remains a high-demand market with steady price appreciation.
- Condo prices have risen more slowly compared to single-family homes, making them potentially attractive investment opportunities.
What’s Driving the Massachusetts Housing Market?
🏠 Low Inventory & High Demand
- The housing supply remains tight, with demand outpacing available listings.
- New construction is limited, further driving prices upward.
💵 Interest Rates & Affordability
- While interest rates have fluctuated, they remain higher than pandemic-era lows, impacting affordability.
- Buyers are adjusting expectations, and sellers who price competitively are seeing strong offers.
📍 Strong Regional Appeal
- Massachusetts, especially areas like Cape Cod, Greater Boston, and the South Shore, remains an attractive market for both primary homeowners and investors.
- The quality of life, strong economy, and desirable communities continue to draw buyers.
What This Means for Cape Cod Buyers & Sellers
🌊 For Cape Cod Buyers:
- The strong demand for coastal properties continues to push prices higher.
- Waterfront and vacation rentals remain highly desirable investments, often appreciating faster than inland properties.
- Consider condos or fixer-uppers to get a foothold in the market.
🏡 For Cape Cod Sellers:
- Now is an excellent time to list with low inventory and high demand driving competition.
- Strategic pricing and presentation can maximize offers.
📈 For Investors:
- Short-term vacation rentals on Cape Cod remain highly profitable.
- Consider multi-family properties or accessory dwelling units (ADUs) to maximize rental income.
Final Thoughts: The Massachusetts Housing Market in 2025
The Massachusetts real estate market remains strong, with rising home prices and active sales volume despite affordability concerns.
- For buyers: The market is competitive, but opportunities exist, especially in the condo sector.
- For sellers: Prices are at record highs, making it an ideal time to list.
- For investors: Cape Cod and Greater Boston continue to offer long-term appreciation and rental income potential.
Looking for expert guidance? The Guthrie Schofield Group specializes in luxury and coastal properties, helping buyers, sellers, and investors navigate the ever-changing real estate market.
📩 Contact us today to explore opportunities in Cape Cod, Boston, and beyond!
