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february 2024
massachusetts housing report

MASSACHUSETTS

Home Sales Up, Average Price Up

Home sales are up 3.6% year-over-year, with February 2024 at 3,467 compared to 3,348 last February. Sales are up across all categories, with the exception of single-family homes which have remained the same year-over-year. 

  • Single families:  2,042 (2023) | 2,042 (2024) 
  • Condominiums: 1,017 (2023) | 1,076 (2024) 
  • Multi-families: 289 (2023) | 349 (2024) 

Average sale price increased 10.3% year-over-year, now at $663,507 compared to $601,349 in February 2023Prices increased across all categories.

  • Single families: $610,139 (2023) | $687,092 (2024) 
  • Condominiums: $583,015 (2023) | $622,149 (2024) 
  • Multi-families: $603,753 (2023) | $653,019 (2024) 

Homes Listed For Sale:

The number of homes listed is up by 19.5% when compared to February 2023.

  • 2024: 5,115
  • 2023: 4,282
  • 2022: 5,559

Pending Home Sales:

The number of homes placed under contract is up by 1.9% when compared to February 2023.

  • 2024: 4,579
  • 2023: 4,494
  • 2022: 5,465

Price Reductions:

The number of price reductions is up 30% when compared to February 2023.

    • 2024: 247
    • 2023: 190
    • 2022: 205

Data provided by Warren Group & MLSPIN then compared to the prior year. 

What’s Happening in the Market?

The Massachusetts housing market saw an awakening of activity in February as home sales were up year over year as well as new listings and pending sales. Average price also increased year over year. In the beginning of February, mortgage rates experienced the biggest one-day jump in over a year after the release of the January Jobs Report per Mortgage News Daily, landing at over 7%. Mortgage rates stayed close to or over 7% for the remainder of the month.

What does this mean for Buyers?

  • Buyers, as you keep an eye on mortgage rates, remember there are other financing options available such as buydowns and assumptions that can help you achieve your buying goals.
  • An increase in inventory and new listings is great news for buyers, especially as we head into the spring market, where activity and demand usually increase.
  • With this in mind, if you are a serious buyer, make sure you are prepared and ready to strike in order to find success in the current market!

What does this mean for Sellers?

What’s next?

Spring brings warmer weather, longer days, and motivated buyers and sellers who are ready to ring in the new season by accomplishing their buying or selling goals. We typically see market activity kick into gear at this point in the year, but mortgage rates will play a critical role as the spring market unfolds given that they significantly impact consumer decision making.

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the MA Real Estate Weekly Updates page and never hesitate to contact us with questions.

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