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The Massachusetts real estate market showed positive signs in October.
According to data from The Warren Group, publisher of Banker & Tradesman, single-family home sales increased from 3,518 in October of 2023 to 3,926 in 2024, an 11.6 percent increase year-over-year. These sales numbers were also an increase month-over-month as sales increased by 11.3 percent from September to October.
“Since mid-summer there’s been a growing reluctance on the part of buyers to move forward, with many holding off on a home purchase due to affordability concerns and feelings of uncertainty about the outcome of the presidential election,” Greater Boston Association of Realtors 2024 President Jared Wilk. “However, there was a sharp, but short-lived spike in activity after the Labor Day weekend, as mortgage rates fell below 6.5 percent to help boost purchasing power and inventory also rose sharply, triggering a much larger than expected number of sales closings in October.”
The condominium market also showed strong sales numbers. There were 1,649 condominium sales in October 2024, compared to 1,562 in October 2023. On a month-to-month basis, sales increased by 10.6 percent.
“October 2024 was a strong month for the Massachusetts condominium market, with 1,649 sales marking a 5.6 percent increase from October 2023,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The median sale price also climbed 2.2 percent year-over-year to $511,000, setting a new all-time high for the month. These figures reflect sustained demand and resilience in the market, even amidst broader economic uncertainties.”
But buyers will have to deal with ever-increasing prices as they search for a home or condominium. The median single-family sale price increased to a record-high $615,000, up from $575,570 in October 2023. The median condo sale price rose 2.2 percent on a year-over-year basis to $511,000, also a record high but decreased on a month-to-month basis. The median-condo sale price dropped from $515,000 in September.
Graphic by Sam Minton | Banker & Tradesman Staff
