Your Massachusetts Real Estate Market Update for June 2024
The Massachusetts condo market appears to be facing some challenges. Last month, caution was advised, but now it is time to officially be cautious about the condo market.
Questions arise about potential condo depreciation, a possible decrease in housing prices, and the impact on the Single Family market. Is this a short-term drop or a precursor to a surge?
This month’s statistics provide valuable insights into what the future may hold.
If you are seeking information on the Massachusetts Real Estate Market data for Single Family Homes, Condos, and Multi-Family properties, you’re in the right place.
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Let’s dive into Single Families:
In May 2024, 3,293 Single Family homes were sold in Massachusetts at an average price of $841 thousand.
Continuing the trend, year-over-year sales saw a 1.4% increase in May, maintaining parity with 2023.
While the sales growth is modest, the consistent rise in home prices is a positive indicator for Massachusetts homeowners.
The upward trend in home prices continues, with values up by 8.8% in the first 5 months of 2024.
Inventory levels have also seen an increase, up by 34.3% year-over-year, signaling a potentially shifting market dynamic.
As for cautionary notes, the focus shifts to inventory levels and their impact on future market trends.
On to Condos:
In May, Massachusetts saw 1,581 condos sold at an average price of $702k.
Sales data reflects a 4.6% decline year-over-year, indicating a weaker performance compared to previous periods.
Despite the sales dip, increased inventory levels suggest a shifting landscape in the condo market.
The Multi-Family market shows promise:
May 2024 witnessed 454 Multi-Family units sold in Massachusetts at an average price of $810k, with a notable 6.8% increase in year-over-year sales.
Inventory levels have also risen by 20%, indicating a healthy market for Multi-Family properties.
Price appreciation remains strong, with a 12.5% year-over-year increase in May.
If you have any real estate needs or queries, feel free to reach out for personalized assistance.
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