Massachusetts Housing Market Analysis - August 2024
The Massachusetts housing market in August 2024 presents a interesting picture with several key indicators showing both declines and growth compared to the previous year. Below is a detailed analysis of the current market trends.
Median Sales and List Prices
The Median Sales Price for homes in Massachusetts stands at $643,800, reflecting a year-over-year (YoY) decrease of 3.5%. Similarly, the Median List Price has also seen a decline, now at $620,200, which is down by 2.6% YoY. This downward trend in prices suggests a cooling market, potentially offering more opportunities for buyers.
Price Per Square Foot
Despite the overall decline in median prices, the median Price Per Square Foot has increased by 3.9% YoY, reaching $381. Additionally, the Median List Price per square foot has risen by 6.3% YoY to $377. These increases indicate that while overall prices are down, the value of space within homes is appreciating.
Sales and Inventory
The number of Homes Sold in August 2024 is 6,253, showing a slight decrease of 0.5% YoY. Pending Sales have also dropped by 4.4% YoY, totaling 5,842. New Listings have seen a more significant decline, down by 9.0% YoY to 5,753. Conversely, inventory has increased by 11.7% YoY, now at 9,624 homes. The Months of Supply, a measure of how long it would take to sell all current inventory, has risen by 10.0% YoY to 1.5 months. This increase in inventory and supply suggests a shift towards a more balanced market.
Market Dynamics
The Median Days on Market for homes in Massachusetts is 22 days, which is up by 2.0% YoY. The average sale to list ratio has decreased by 1.2% YoY, now at 101.5%. Additionally, the percentage of Homes Sold above list price has dropped by 7.8% YoY to 52.3%. These metrics indicate that homes are taking slightly longer to sell and are less likely to sell above the asking price compared to last year.
Price Adjustments and Off-Market Trends
The percentage of Price Drops has increased by 4.4% YoY, now at 27.3%. This rise in Price Drops suggests that sellers are adjusting their expectations in response to market conditions. Furthermore, the percentage of homes going off the market within two weeks has decreased by 9.4% YoY, now at 51.6%. This decline indicates a slower pace in the market, with fewer homes being snapped up quickly.
In summary, the Massachusetts housing market in August 2024 is characterized by declining median prices, increased inventory, and a slower pace of sales. While the value per square foot has appreciated, overall market conditions suggest a shift towards a more balanced environment, offering potential opportunities for both buyers and sellers.
