As we near the end of 2024, the real estate market in Boston and throughout Massachusetts is characterized by two distinct sectors: the thriving single-family home sector and the steadily evolving condo market. Here's what you need to know whether you're considering buying, selling, or investing.

Condo Market in Boston

The Boston condominium market has seen slight shifts in 2024 compared to the previous year:

• Activity and Pricing Trends:

  • The number of condo units listed year-to-date increased by 7.44%, but closed sales dropped by 3.78%, signaling a slight cooling in buyer activity.

  • Average sale prices dipped by 2.10%, settling at $1,070,561.44, while the average price per square foot rose by 2.73% to $921.89.

• Inventory and Market Dynamics:

  • Listing inventory increased by 17.25%, while the months of supply rose by 22.22% to 2.42 months. This indicates a more balanced market, potentially favorable for buyers.

Single-Family Home Market in Massachusetts

In contrast, the single-family home market has shown robust growth and resilience.

• Activity and Pricing Trends:

  • Closed sales increased by 4.02%, with the average sale price climbing 7.13% to $810,969.67. The price per square foot also rose by 9.41%, reaching $389.41.

  • Days on market remained stable at 35 days, reflecting continued strong demand.

• Inventory and Market Dynamics:

  • Listing inventory increased by 13.46%, and the months of supply rose slightly to 1.09 months, maintaining a seller's market.

Comparing the Two Markets

While single-family homes in Massachusetts are experiencing significant price appreciation and steady sales, the Boston condo market is characterized by moderation. Buyers seeking affordability may find opportunities in the condo market, where price reductions and increased inventory provide negotiating leverage.

Key Takeaways for Buyers and Sellers

• Buyers: If you're seeking value in Boston, the condo market might be your best bet as inventory grows and prices stabilize. For those looking at single-family homes, be prepared for competitive offers in a high-demand environment.

• Sellers: Single-family homeowners can take advantage of rising prices and short market times, while condo sellers should focus on strategic pricing and staging to stand out in a more competitive market.

Looking Ahead to 2025

Market dynamics can shift quickly, so staying informed is key. Whether you're buying or selling, working with an experienced real estate professional ensures you make the most of the current trends.

If you're curious about how these trends impact your real estate goals, reach out to our team at Berkshire Hathaway HomeServices Warren Residential. We're here to guide you through every step of the process.