In this 2023 Mid-Year in Review Housing Report, we are looking at Falmouth, Massachusetts in the first half of 2023 compared to the first half of 2022 to see how the market performed in the area. As of June 2023, Lamacchia Realty joined forces with a highly respected and landmark Falmouth, Cape Cod brokerage, Foley Real Estate and Foley Premier Properties!

Mid-Year Data Highlights

  • Falmouth home sales decreased by 22.7% as there were 231 sales in the first half of 2023 compared to 299 in the first half of 2022. Average price decreased by 1.5% going from $794,441 in the first half of 2022 to $782,328 in the first half of 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
  • The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 25.1%, moving from 319 to 239.
  • The number of pending sales decreased by 14.7% with 227 in the first half of 2023 compared to 266 in the first half of 2022.

2023 Outlook

The Falmouth housing market is performing as predicted with a decline in the number of homes sold and a slight decline in average prices when compared to the first half of 2022. It’s critical to note that the difference between 2023 and 2022 will be larger than usual as we transition from an overheated Covid market to a cooler, more balanced one. Furthermore, listings in Falmouth are down significantly which isn’t shocking given that the 1st half of 2023 had the lowest number of homes listed on record. Potential sellers are attempting to retain their low 2-3% mortgage rates by not listing their home which is tightening inventory levels as a result. Despite affordability concerns such as mortgage rates/inflation, buyer demand remains strong which is keeping the market competitive. Consequently, it’s unlikely we will see a steep fall or crash in prices as long as the inventory scarcity persists.

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

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