I hope everyone had a wonderful Thanksgiving filled with family, friends, and delicious food!. We are incredibly thankful for your trust and support throughout the year. This month, we’d like to share some key real estate trends that could impact your next move.

Boston Condo Market vs. Massachusetts Single-Family Market:

• Inventory Trends: Both markets have seen increased inventory this year, but the growth in available single-family homes statewide is particularly noteworthy. The number of single-family listings increased by 23.64% compared to last year, significantly outpacing the 15.85% increase in Boston condo listings. This greater inventory growth provides buyers with more choices across Massachusetts.

• Price Dynamics: While the average list price for Boston condos has seen a 3.50% decrease, the single-family market has experienced an upward trend. The average sale price for single-family homes rose by 7.12%, now sitting at $813,927.85. This divergence highlights more aggressive pricing strategies in the condo market as compared to the strong, sustained demand for single-family homes.

• Price per Square Foot: The average sale price per square foot for single-family homes statewide has jumped by b to $391.22, whereas Boston condos saw a more modest increase of 2.43% to $919.98 per square foot. This illustrates the premium that urban living continues to command, despite increased options for buyers in the suburban single-family market.

• Days to Offer: The average days to offer for both property types indicate steady buyer interest, with single-family homes holding at 23 days and Boston condos taking slightly longer at 35 days. This difference suggests that while both markets are competitive, buyers may have a little more time when considering condos compared to single-family homes.

What This Means for Buyers and Sellers:

• For Buyers: Whether you're looking in the city or across Massachusetts, more inventory means more opportunities to find the perfect home. Condo buyers can take advantage of softening prices, while those interested in single-family homes will need to consider higher prices but enjoy the benefit of a wider selection.

• For Sellers: Single-family homeowners can capitalize on the rising sale prices and sustained high demand, while condo sellers in Boston may need to consider strategic pricing and incentives to stand out in an increasingly competitive market.

If you’re curious about what these trends mean for you—whether buying or selling—our team is ready to provide tailored guidance. We wish you a wonderful Thanksgiving filled with joy, warmth, and great company!

Nick Warren
Broker/Owner Berkshire Hathaway HomeServices Warren Residential