The Massachusetts Association of REALTORS® (MAR) has released its October 2024 housing report, showing a strong performance across single-family homes and condominiums. Both categories saw year-over-year increases in closed sales, with single-family home sales up by 10.8% and condominium sales rising by 2.9%.
Key October Statistics:
- Median Sale Price: Single-family homes increased by 3.5%, reaching $646,800, while condominiums saw a 2.9% rise to $535,000 compared to the previous month.
- New Listings: Decreased since September, with single-family homes down by 8.1% and condominiums down by 15.6%.
- Closed Sales: Increased month-over-month by 10.4% for single-family homes and by 9.2% for condominiums.
The data underscores a competitive market as both median prices and buyer demand remain strong. The dip in new listings could further intensify competition, positioning sellers favorably.
"The increase we witnessed in closed sales in October is a promising indication of renewed buyer activity across Massachusetts," said Amy Wallick, MAR's 2024 president and sales agent at Lamacchia Realty. "As we approach the last months of 2024, we encourage buyers to remain active in their search, and with limited new listings and strong buyer demand, sellers are well-positioned in this competitive market."
The Massachusetts housing market continues to show resilience, with strong activity and price growth reflecting ongoing buyer interest and limited inventory.