MASSACHUSETTS
Home Sales Down, Average Prices Up
Home sales are down 11.2% year over year, with November 2023 at 5,397 compared to 6,078 last November. Sales are down across all categories.
- Single families: 3,813 (2022) | 3,447 (2023)
- Condominiums: 1,662 (2022) | 1,487 (2023)
- Multi-families: 603 (2022) | 463 (2023)
Average sales price increased 4.5% year-over-year, now at $669,783 compared to $640,766 in November 2022. Prices increased across all categories.
- Single families: $663,821 (2022) | $697,656 (2023)
- Condominiums: $594,726 (2022) | $608,752 (2023)
- Multi-families: $621,874 (2022) | $658,276 (2023)
Homes Listed For Sale:
The number of homes listed is down slightly by 0.69% when compared to November 2022.
- 2023: 4,890
- 2022: 4,924
- 2021: 5,992
Pending Home Sales:
The number of homes placed under contract is down by 12% when compared to November 2022.
- 2023: 4,691
- 2022: 5,333
- 2021: 7,485
Price Reductions:
The number of price reductions is down 4% when compared to November 2022.
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- 2023: 485
- 2022: 505
- 2021: 412
Data provided by Warren Group & MLSPIN then compared to the prior year.
What’s Happening in the Market?
In Massachusetts, home sales are down yet again in November 2023 by 11.2%. Average sales price increased by 4.5%. The number of homes listed decreased slightly by 0.69% when compared to this time last year. Mortgage rates in November fell from the October highs, coming down to the low 7s towards the end of the month, per Mortgage News Daily.
What does this mean for Buyers?
- Even though inventory levels are increasing, they aren’t increasing enough to meet the buyer demand in the market. As a result, there is increased competition for available homes and average prices have continued to increase as well. Therefore, the affordability and availability of homes continue to concern active buyers.
- The housing market is ever-evolving so staying prepared and ready to strike is the key to being successful! Make sure you are staying prepared with updated preapprovals and informed regarding your different mortgage options. Be sure to work with an expert REALTOR® to make sure you are getting the most out of the home buying experience!
What does this mean for Sellers?
- If you are planning to list your home this winter, make sure you are adequately prepping your home given the time of year and, most importantly, pricing your home competitively. Creating demand for your home will ultimately give you more negotiating power, and this can be even more crucial for those who are buying and selling at the same time. Working with an experienced REALTOR® can help you get the most money for your home!
- We have seen many want-to-be sellers stay out of the market over the last few months given mortgage rates and concerns over inventory. However, the number of homes listed in Massachusetts is only down slightly by 0.69% which could indicate that those who have been delaying listing their homes are getting off the sidelines.
- With listings down, even by a little bit, it also indicates that selling now is a great way to take advantage of buyer demand before more homes are listed.
What’s next?
In this current economic environment with changing mortgage rates, inflation, ongoing international conflicts, etc., it is difficult to predict what the future may hold, so the best time to get your real estate goals accomplished is when the timing is right for YOU! Remember, if you are thinking about buying or selling this winter, there are plenty of opportunities to take advantage of during this time. Look out for Anthony’s 2024 predictions, which will be released in late December, for his analysis of the housing market and what is to come in the new year!