Massachusetts Housing Market: September 2024 Analysis
The Massachusetts housing market in September 2024 presents a complex landscape characterized by contrasting trends in pricing, sales activity, and inventory levels. The data reveals a market in transition, with notable shifts in both buyer and seller dynamics.
The Median Sales Price in Massachusetts stands at $624,600, reflecting a year-over-year decrease of 2.9%. This decline suggests a cooling in the market, potentially offering more opportunities for buyers. Conversely, the Median List Price has risen by 9.4% to $679,100, indicating that sellers are optimistic about the market's potential, despite the drop in sales prices.
Price Per Square Foot metrics further illustrate this dichotomy. The median Price Per Square Foot has increased by 2.6% to $385, while the Median List Price per square foot has risen by 5.1% to $408. These figures suggest that while sellers are pricing properties higher, buyers are negotiating more effectively, resulting in a smaller increase in the actual sales Price Per Square Foot.
Sales activity has experienced a downturn, with 5,090 Homes Sold, marking a 3.5% decrease from the previous year. However, Pending Sales have increased by 8.1% to 6,176, indicating a potential rebound in future sales activity. New Listings have surged by 15.1% to 8,219, and inventory levels have risen by 17.2% to 11,612, providing buyers with more options in the market.
The Months of Supply, a critical indicator of market balance, has increased significantly by 40.0% to 2.3 months. This increase suggests a shift towards a more balanced market, moving away from the seller's market conditions that have prevailed in recent years.
Market dynamics are further highlighted by the Median Days on Market, which has increased slightly by 2.0% to 22 days. The average sale to list ratio has decreased by 1.0% to 101.0%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 6.9% to 49.5%, reflecting a decrease in competitive bidding.
Price Drops have become more common, with a 4.4% increase to 28.4%, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market in two weeks has decreased by 4.4% to 56.2%, indicating a slower pace of sales.
Overall, the Massachusetts housing market in September 2024 is characterized by a mix of declining sales prices, increased inventory, and a shift towards a more balanced market. Buyers may find more opportunities as sellers adjust to the changing dynamics, while sellers may need to temper their expectations in light of the evolving market conditions.
