As we move into the final quarter of 2024, the Greater Boston real estate market continues to exhibit intriguing trends across both single-family homes and condos. October’s numbers, based on data from the MLS Property Information Network, offer insights into market health, buyer demand, and price trajectories, setting the stage for what to expect as the year concludes. Below, we dive into the key takeaways for single-family homes and condominiums in the Greater Boston area.

Single-Family Homes: A Snapshot of October 2024

October saw a resilient demand in the single-family home sector, with homes selling faster and for higher prices than in previous months. Here are some highlights:

• Median Sale Price: The median sale price for single-family homes in Greater Boston reached $835,000, with an average sale price of approximately $1.1M. This slight price increase signals stable demand, even with potential economic fluctuations.
• Price Per Square Foot: Buyers paid an average of $483.79 per square foot, marking a steady increase in the cost of space, reflecting Boston’s competitive housing market.
• Days on Market (DOM): Single-family homes averaged 20 days on the market, while the average days to offer (DTO) was just 8. This rapid turnover is a testament to sustained buyer interest and well-priced homes moving quickly.

With listings lasting less than a month on average, the market for single-family homes remains fast-paced. For sellers, this means preparing early and pricing competitively to meet eager buyers.

Condominiums: Steady Growth and Demand

The condo market in Greater Boston also experienced a healthy October, though with slightly different dynamics than single-family homes:

• Median Sale Price: The median sale price for condos was $680,000, while the average sale price hovered around $845,413. This indicates a slight year-over-year increase, driven by high demand for condos in popular areas like Cambridge, Somerville, and Boston’s South End.
• Price Per Square Foot: Condo buyers paid an average of $683.85 per square foot, a figure that reflects Boston’s densely populated neighborhoods and limited space.
• Days on Market (DOM): Condos stayed on the market for an average of 42 days, with an average of 10 days to offer (DTO). This longer DOM compared to single-family homes suggests a slightly slower pace but still a strong market for condo listings.

For buyers, condos continue to offer excellent value and access to urban amenities, making them a popular choice for professionals, families, and investors.

Year-Over-Year Comparison: 2024 vs. 2023

October’s data also gives us a window into how the market has evolved since last year. Here’s a quick year-over-year comparison:

• Price Appreciation: The median sale price for single-family homes rose by about 4.15% compared to October 2023, while condos saw a smaller but steady increase of around 2.6%.
• Volume of Sales: The number of closed transactions in both single-family and condo markets saw slight declines, reflecting inventory challenges and market saturation after a high-demand year in 2023.
• Absorption Rates: Inventory in both segments remains tight, but single-family homes exhibit a lower absorption rate than condos. This trend indicates a balance in supply and demand, with homes selling relatively quickly but not overwhelmingly so.

Key Takeaways for Buyers and Sellers

1. For Buyers: Prices remain competitive, especially in high-demand areas. Act fast on well-priced properties, and be prepared for multiple offers. Consider expanding your search to neighboring towns or focusing on condos to gain better access to the urban market.

2. For Sellers: With high buyer demand and quick market times, this remains an excellent period to list your property. Accurately pricing your home and ensuring it shows well are critical to capturing serious offers in a timely manner.

3. For Investors: With rising prices per square foot and relatively low days on market, the Greater Boston area remains a promising market for real estate investment. Condos, in particular, continue to show good potential, with strong appreciation and robust demand.

What’s Ahead?

As the Boston market heads into the colder months, we anticipate a slight seasonal slowdown, but demand is expected to remain high. Prospective sellers should consider taking advantage of the current market conditions, while buyers may find more favorable prices as the year wraps up.

If you're curious about what these trends mean for your specific town or your home’s current value, don’t hesitate to reach out. Our team is here to provide you with the latest market insights and personalized advice to help you make informed real estate decisions.

Contact us today to learn more about buying or selling in the Greater Boston area! 📲 617-823-9780