Massachusetts Housing Market: November 2024 Analysis
The Massachusetts housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price remains stable at $630,400, showing no change year-over-year, indicating a plateau in price growth. However, the Median List Price has decreased by 4.6% to $604,800, suggesting a potential shift in seller expectations or market dynamics.
In terms of Price Per Square Foot, the market shows a positive trend. The median Price Per Square Foot has increased by 4.4% to $368, while the Median List Price per square foot has risen by 5.3% to $373. This indicates a growing demand for space, possibly driven by buyers prioritizing square footage over overall price.
Sales activity has seen a modest increase, with 5,199 Homes Sold, marking a 2.1% rise from the previous year. Pending Sales have experienced a more significant uptick of 7.1%, reaching 5,074, which could signal continued buyer interest and potential future sales growth. However, New Listings have dropped by 14.2% to 3,978, which may contribute to the tightening of available inventory.
Inventory levels have increased by 5.6% to 9,260, providing a slightly larger pool of homes for prospective buyers. The Months of Supply have also risen by 10% to 1.80 months, indicating a slight easing in market pressure, although it still suggests a seller's market.
The Median Days on Market have increased by 2% to 23 days, reflecting a slight slowdown in the speed of transactions. The average sale to list ratio has decreased by 0.9% to 100.5%, and the percentage of Homes Sold above list price has dropped by 5.7% to 46.3%, both suggesting a cooling in competitive bidding.
Price Drops have slightly decreased by 0.5% to 25.9%, while the percentage of homes going off the market within two weeks has fallen by 5.7% to 42.7%. These metrics indicate a potential shift in market dynamics, with sellers possibly adjusting their strategies in response to changing buyer behavior.
Overall, the Massachusetts housing market in November 2024 reflects a mix of stability and change, with steady sales prices, increased inventory, and evolving buyer and seller strategies. As the market continues to adjust, stakeholders will need to monitor these trends closely to navigate the shifting landscape effectively.
