May 2024 Market Update 

Home Sales on the Rise

Great news for Massachusetts homebuyers! The housing market continues to heat up, with both single-family home and condo sales increasing for the second month in a row. Here’s a quick rundown of what the latest report from The Warren Group tells us:

Strong Sales and Soaring Prices

• Single-family home sales jumped 7.5% year-over-year in May, reaching a median price of a whopping $636,000 – a new all-time high!

MA Single-Family Homes	May 2023	May 2024	% Change 2023-2024
Single-Family Home Sales	3,616	3,887	7.5%
YTD Single-Family Sales	13,721	14,005	2.1%
Median Single-Family Home Price	$589,450	$636,000	7.9%
YTD Median Single-Family Home Price	$540,000	$590,000	9.3%

• Condo sales also saw an increase of 4.3%, with the median condo price reaching $550,000, another record for the month of May.

MA Condominiums	May 2023	May 2024	% Change 2023-2024
Condominium Sales	1,843	1,922	4.3%
YTD Condominium Sales	7,051	7,016	-0.5%
Median Condominium Price	$526,000	$550,000	4.6%
YTD Median Condominium Price	$500,000	$530,000	6.0%

Demand Outpaces Inventory

The report highlights a key factor behind the rising prices: high demand combined with limited inventory. Even though sales are up, there simply aren’t enough homes available to meet buyer needs. This is causing prices to climb despite the usual trend of increased sales leading to price stabilization.

Greater Boston Market Trends

The Greater Boston area continues to be a hot market, mirroring the statewide trends. Both single-family home and condo sales saw increases, with median prices hitting new highs as well.

Looking Ahead

The Massachusetts housing market shows no signs of slowing down. With pent-up demand from buyers and limited inventory, expect prices to remain high for the foreseeable future.

 

Feel free to give us a shout to discuss your real estate plans or questions. We look forward to hearing from you. (508) 258-9589 or Contact Us

Posted with data from The Warren Group