Boston, MA Metro Area Housing Market Analysis - November 2024
The Boston, MA metro area housing market in November 2024 presents a stable yet evolving landscape. The Median Sales Price remains unchanged year-over-year at $710,000, indicating a plateau in price growth. However, the Median List Price has decreased by 3.1% to $699,900, suggesting a potential shift in seller expectations or market dynamics.
Interestingly, the median Price Per Square Foot has increased by 4.9% to $406.29, while the Median List Price per square foot has risen by 7.0% to $412.57. This divergence between overall list prices and Price Per Square Foot may reflect a trend towards smaller, more expensive properties or a shift in buyer preferences towards higher-quality finishes and locations.
Sales activity shows a slight increase, with Homes Sold rising by 0.8% to 3,051 units. Pending Sales have seen a more significant uptick of 8.3%, reaching 2,946 units, indicating strong buyer interest and potential future sales growth. However, New Listings have dropped sharply by 17.8% to 2,208, which could lead to tighter inventory conditions if the trend continues.
Inventory levels have remained relatively stable, with a slight increase of 0.5% to 5,047 units. The Months of Supply is unchanged at 1.7 months, suggesting a balanced market where neither buyers nor sellers have a distinct advantage. The Median Days on Market have increased marginally by 1.0% to 21 days, indicating a steady pace of sales.
The average sale to list ratio has decreased slightly by 0.7% to 100.8%, while the percentage of Homes Sold above list price has dropped by 3.3% to 48.1%. These metrics suggest a slight cooling in competitive bidding, possibly due to the increased inventory or changing buyer sentiment.
Price Drops have decreased by 1.4% to 25.4%, and the percentage of homes going off market in two weeks has declined by 5.1% to 45.0%. These figures may indicate a more cautious approach by sellers and a longer decision-making process by buyers.
Overall, the Boston housing market in November 2024 reflects a complex interplay of stable prices, increased buyer activity, and reduced New Listings. While the market remains balanced, the decrease in New Listings and changes in buyer behavior could influence future trends.
