YOUR Massachusetts Real Estate Market Update for April 2024
There is big news regarding a correction from last month’s data. Two market segments saw price gains pull back while one saw appreciation rates grow.
The Massachusetts real estate market remains incredibly strong, among the strongest in the country.
If you want to learn about the Massachusetts Real Estate Market data for Single Family Homes, Condos, and Multi-Family properties, you’re in the right place.
The Spring market started a bit earlier this year and is off to a strong start. Despite interest rates not decreasing, this is shaping up to be a very robust Spring market. There are differing opinions on whether the FED will cut rates in June, only time will tell.
Continuing from the prior point, I maintain my stance that the FED should not lower interest rates to prevent a housing cost surge and subsequent inflation. I am pleased to see others also discussing this perspective.
My name is Jeff Chubb, a former Investment banker turned real estate agent with over 1,000 homes sold. If you are considering buying or selling a home, I would be delighted to speak with you.
Let’s begin with Single Families:
In March 2024, 2,290 Single-Family homes sold at an average price of $771,000.
While sales figures were slightly below expectations, there was a notable revision to the February data. Year-over-year, sales were down by 6.2% compared to the previous year.
Despite sales levels mimicking 2023, the year-over-year appreciation rate for March 2024 remained strong at 7%.
The first quarter of 2024 saw an 8.5% increase in single-family home prices, pointing towards a continued uptrend.
On to the yearly sales comparison levels:
Although the year-over-year sales decline streak ended in February, prices continued to rise for the 45th consecutive month. This trend is expected to continue due to ongoing economic factors.
Inventory levels for March 2024 were down by 14% year-over-year, mainly attributed to the timing of Easter weekend causing a temporary dip in new listings.
Carrying over from the inventory discussion, weekly comparisons for March showed increasing inventory levels overall, indicating a potential uptrend in the housing market.
For condos, 1,191 units sold in March at an average price of $711,000.
Year-over-year condo sales declined by 10.5% in March 2024, aligning with the trend of lower sales levels compared to the previous year.
Inventory levels for condos were down by 5% year-over-year, with new listings also showing a decline compared to 2023.
Condo prices in March 2024 were up by 7.5% year-over-year, continuing the upward trend in property value.
Finally, the Multi-Family market saw 402 units sold in March at an average price of $798,000.
Similar to Single Families and Condos, Multi-Family sales experienced a year-over-year decline of 8.6% in March 2024.
Inventory levels were down by 11.5% year-over-year for Multi-Family properties, with new listings showing a marginal increase over the previous year.
March 2024 recorded a 9.9% year-over-year price increase for Multi-Family properties, marking a strong quarter for property owners in this market segment.
If you’re considering buying or selling real estate, feel free to contact me to discuss your needs and goals. Your referrals are also greatly appreciated.
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