Despite the fact that more homes have been listed and sold in 2024 vs. 2023, In Boston and on the South Shore, prices are still rising. In Q3 the condo market showed signs of softening in terms of price and activity, while single-family home activity and prices remained strong.
What have sales looked like this quarter?
The total number of sales for single-family homes in Q3 2024 increased by 8% compared to Q3 2023. The condo market has experienced a slight decrease in sales by 2% in the same time period. More inventory has come on the market for single-family and condos compared to last year at this time; however, we are seeing sales and prices increase for single-families while condo sales and prices are lagging behind.
What has been a trend with home prices?
Average single-family home prices rose from Q3 2023 to Q3 2024, with an increase from $935,378 to $968,293. However, the median sales price for single-family homes in Q3 trended slightly up by 1.3% compared to this time last year. The median sales price for condo sales experienced very little change. Demand for housing in Greater Boston remains strong, with limited inventory pushing buyers to pay premium prices. Even with more homes hitting the market, supply still falls short of buyer demand.
Have days to offer increased or decreased relative to last year?
With still too few homes on the market for buyers, single-family homes sold relatively quickly. In Q3 2024 sellers were accepting offers within 7 days of listing their home while the condo sellers accepted offers within 9 days of listing their home. In Q3, there was zero change in the amount of time single-family homes sold year-over-year, while the condo market increased slightly.
What can buyers and sellers expect for the upcoming quarter?
Interest rates decreased this quarter, boosting buyers’ purchasing power. However, the drop hasn’t significantly affected inventory levels. Inventory has increased some since last year and it’s hopeful this trend will increase even more in the 2025 spring market. Q4 is typically the slowest period, so inventory will slow down significantly during this time.
The South Shore Real Estate Market;
While residents enjoy the proximity to both Boston and Providence, the South Shore has plenty to entice in its own right, from fresh oysters and farm-to-table dining to swimming, hiking, and biking in Wompatuck State Park or visiting one of the many beaches. Families count on excellent schools, enjoy arts and cultural delights like dance performances and outdoor music festivals, and cherish institutions like the South Shore Music Circus and South Shore Children’s Museum.
SOUTH SHORE REAL ESTATE UPDATE FALL 2024 (Q3 2023 vs. Q4 2024)
You can Access my full report : HERE > Q3 2024 Fall market update Full report
Hanover, Norwell, Cohasset, Quincy and other towns all saw a strong increase in Single Family sale price from the same period last year. Keep in mind that median sale price does not tell the whole story of the Real estate market here on the South Shore but it is a good metric to understand how value is changing over time.
If you're curious about selling your home on the South Shore, we are here to help. Reach out so we can discuss your needs and make a plan that works to accomplish your real estate goals. Having a local realtor work with you will make all the difference.
