Real Estate Market Recap

  • Fall River home sales decreased by 21% as there were 605 sales in 2023 compared to 766 in 2022. Average price increased by 4.9% going from $378,901 in 2022 to $397,413 in 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic to the right.
  • The number of homes listed in 2023 compared to 2022 decreased by 23.3%, moving from 933 to 716.
  • The number of pending sales decreased by 19.8% with 636 in 2023 compared to 793 in 2022.

2024 Outlook

Overall, the Fall River housing market performed as expected given that the market is adjusting from a frenzied state – home sales were down, and average prices were up. One of the biggest factors affecting inventory levels in 2023 was listings as they were the lowest in over two decades in Massachusetts. Fall River proved to be no different, with homes listed down substantially year over year. In 2024, we expect the Fall River housing market to improve but still at a slower than normal pace. As Anthony states in his 2024 Predictions, “the worst is behind us, but we are not out of the woods.”  Home sales should increase, especially if mortgage rates continue to trend downward or stay as they are now. Buyer demand in the market is still strong, so the leveling of mortgage rates is excellent news for buyers battling with affordability concerns. This should also make want-to-be sellers more motivated to list their homes which should cause inventory to rise and in turn price growth should slow, level off, or even fall slightly (NOT crash).

To learn more about Massachusetts’s performance, click here to read the 2023 Massachusetts Year in Review Report.

Data provided by Warren Group & MLSPin and compared to the prior year.