Greater Boston Real Estate Market Update – December 2024

As we close the year 2024, the Greater Boston real estate market has shown notable resilience and adaptability, demonstrating positive growth across key metrics. Here's a breakdown of how the market fared in December 2024 compared to the previous month and year-over-year trends.

Single-Family Homes

• Median Sale Price: Increased to $850,000 in December, up from $815,000 in November 2024, reflecting a 4.3% month-over-month growth and a 5.4% year-over-year increase.
• Average Sale Price: Slightly rose to $1.12M, marking a 6.5% annual growth and holding steady month-over-month.
• Days on Market (DOM): Properties spent an average of 40.6 days on the market, up slightly from November but aligned with broader seasonal trends.

Condominiums

• Median Sale Price: Ended the year at $701,526, marginally higher than November's $700,000, and showing a 2.7% year-over-year growth.
• Average Sale Price: Recorded at $980,025, reflecting consistent buyer interest in urban condo living and a 7.4% annual increase.
• Days on Market: Averaged 55.7 days, slightly longer than November’s 43.6 days, likely driven by seasonal slowing during the holidays.

Market Trends and Insights

1. Inventory Challenges: December saw a continued decrease in active inventory for both single-family homes and condominiums, with inventory down 18.5% and 10.3% year-over-year, respectively.
2. New Listings: Single-family homes saw an 11.9% increase in new listings, while condo listings surged by 21.2%, signaling optimism among sellers despite tighter inventory overall.
3. Buyers’ Market Conditions: Despite the limited inventory, buyers maintained strong interest, with single-family homes selling at 98.3% of the original list price and condominiums at 97.8%, reflecting slight decreases in competitive pricing dynamics.

Statewide Perspective

The Massachusetts real estate market mirrored Greater Boston trends:

• Median Sale Price: Reached $626,000 for single-family homes statewide, reflecting a 10.7% year-over-year increase. Condos also experienced moderate growth, with a median price of $539,000, up 2.7%.
• Sales Volume: Closed sales for single-family homes rose 17.3%, and condos increased 14.7% year-over-year, showcasing strong activity despite economic uncertainties.

Looking Ahead

As we step into 2025, the Greater Boston market remains well-positioned for continued growth, bolstered by strong demand and limited supply. Whether you're considering buying, selling, or investing, now is the time to strategize with a trusted real estate professional.

Want to explore how these trends could impact your real estate goals? Schedule a meeting with us below to discuss opportunities tailored to your needs!