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November 2024 Massachusetts Housing Report

MASSACHUSETTS

Home Sales Up, Average Price Up

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Home sales are up 1.2% year-over-year, with November 2024 at 5,466 compared to 5,402 last November. Sales are up for Single and Multi-family homes and down for Condos. 

  • Single families:  3,452 (2023) | 3,545 (2024) 
  • Condominiums: 1,487 (2023) | 1,449 (2024) 
  • Multi-families: 463 (2023) | 472 (2024) 

Average sale price increased 6.3% year-over-year, now at $712,343 compared to $670,097 in November 2023. Prices increased across all categories.

  • Single families: $698,107 (2023) | $728,237 (2024) 
  • Condominiums: $608,752 (2023) | $652,668 (2024) 
  • Multi-families: $658,276 (2023) | $776,132 (2024) 

Homes Listed For Sale:

The number of homes listed is down by 13% when compared to November 2023.

  • 2024: 4,231
  • 2023: 4,864
  • 2022: 4,924

Pending Home Sales:

The number of homes placed under contract is up by 9.9% when compared to November 2023.

  • 2024: 5,132
  • 2023: 4,670
  • 2022: 5,332

Price Adjustments:

The number of price adjustments is down 28.5% when compared to November 2023.

    • 2024: 344
    • 2023: 481
    • 2022: 505

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

What’s Happening in the Market?

  • In November 2024, national home sales climbed 6.1% compared to a year ago, marking the biggest year-over-year gain since June 2021. Following this trend, Massachusetts also saw an increase in home sales.

  • The Massachusetts market has not slowed down this holiday season! We’re still seeing strong buyer demand as well, and home prices and pending sales are continuing to rise. Sellers now is a great time to consider listing!

  • According to Mortgage Daily News, mortgage rates in November, dropped from about 7% to 6.8% by month’s end. However, rates began climbing again in December, peaking at 7.14% on the 19th.

  • As we approach the new year, many of us are setting goals. Buying a home can feel intimidating, but don’t let it stop you! We’re here to help make this process smooth and stress-free for you! Let’s turn your homeownership dreams into reality in 2025!

  • Great news for homebuyers! In 2025, the FHFA is increasing the conforming loan limit to $806,500—up $40,000 from 2024. Despite market challenges, constrained inventory and high demand continue to drive prices up. This change helps buyers access higher loan amounts to keep pace with rising home values.

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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