November 2024 Housing Market Update: Insights and Trends

As November comes to a close, the Greater Boston housing market continues to show resilience and dynamism, reflecting broader trends across the real estate sector. This month’s housing market trends for 2024 reveal key shifts in pricing, inventory, and buyer behavior, offering important real estate market insights for both buyers and sellers.

From average home prices in Greater Boston to year-over-year comparisons, we’ll delve into the numbers to help you understand the current housing market trends and what they mean for your real estate goals.

Take a quick look at this video summarizing November 2024's housing market trends in Greater Boston:

Key Highlights of November 2024

The Greater Boston market is always a fascinating study in contrasts, blending the vibrancy of a metropolitan hub with the charm of suburban neighborhoods. November 2024 was no different, with clear trends emerging across property types:

Condo Market Trends

• The average sale price for condos this month stood at $909,890, with a median price of $700,000.
• Properties in this segment ranged from $158,000 to over $10 million, reflecting the diversity of buyer preferences and inventory.
• Condos took an average of 43 days to sell, showing slightly longer market times compared to single-family homes.

Single-Family Home Trends

• The single-family segment saw an average sale price of $1,144,563, with a median price of $825,000.
• While high-end homes reached prices as steep as $7.85 million, there are plenty of opportunities for buyers across all price points.
• Single-family homes averaged 33 days on the market, indicating strong demand and quicker turnover compared to condos.

Year-Over-Year Comparisons

Comparing November 2024 to November 2023 offers deeper insights into the state of the market:

1. Increased Inventory:

   • Listings for single-family homes rose by 8.62% year-to-date, while condo listings increased by 4.24%.
   • More properties entering the market provide buyers with expanded choices, while sellers face heightened competition.

2. Price Appreciation:

   • Median and average sale prices climbed across both segments. Condos showed a consistent average price, while single-family homes enjoyed a 5.33% increase.
   • These price trends reflect the continued desirability of Greater Boston and its adjacent towns as a top-tier housing market.

3. Days on Market:

   • Single-family homes averaged 33 days, while condos were on the market for 43 days—a testament to the robust demand in this region.
   • Year-over-year, the market continues to exhibit healthy activity, with properties selling at a steady pace.

Broader Market Trends

In addition to these specific insights, several overarching trends have shaped the Greater Boston housing market this year:

• Shift in Buyer Preferences: With hybrid work becoming the norm, buyers are increasingly favoring homes that offer space and flexibility. This has led to heightened interest in suburban towns adjacent to Boston, such as Arlington, Lexington, and Winchester.
• Pricing Adjustments: 2024 saw an uptick in price changes, emphasizing the importance of realistic pricing strategies for sellers.
• Luxury Market Resilience: High-end properties, especially condos and single-family homes above the $2 million mark, continue to perform strongly, attracting affluent buyers from within and outside the region.

What It Means for Buyers and Sellers

For buyers, the expanding inventory means greater opportunities to find a property that matches your needs and budget. However, rising prices and consistent demand underline the importance of acting decisively when you find the right home.

For sellers, the market remains competitive but rewarding. Strategic pricing, marketing, and presentation can make a significant difference in attracting the right buyers.

Explore More Insights

If you’re looking to dive deeper into the Greater Boston real estate market & adjacent towns, check out our detailed Quarterly Market Reports.

Personalized Market Reports

Looking for more tailored insights? We can create a customized market report that aligns with your specific real estate goals, whether you’re buying, selling, or investing in the Greater Boston area.

📞 Contact us today at (617) 823-9780 for personalized guidance.

Staying updated on real estate market updates enables you to make informed decisions and maintain a competitive edge in one of the nation's most dynamic housing markets. Together, let's successfully navigate the upcoming road!