In Greater Boston, despite the fact that more homes have been listed and sold in 2024 vs. 2023, home prices are still rising. In Q3 2024, we saw the median single family home price rise 1.3% on average from this period last year, while condo sales experienced little change. Even with more inventory, we are still seeing supply falling short of demand.

Buyers can expect to see lower inventory, steady demand and rising home prices. As interest rates lower (they are anticipated to continue dropping slowly over the coming year!) we will only see this trend continue for buyers. If you're thinking of buying, get in before pricing goes up and refinance later! Pro tip: properties that are on the market in the early winter - mid-November through early January - typically sell at a discount compared to those on market in peak seasons (fall and spring). Also, many of our lender parters are offering complimentary refinances, so you can "marry the home and date the rate." 

Sellers should continue to see a competitive market and quick sales provided that their home is priced strategically compared to the competition they face. We have been experiencing more and more buyers prefer move in ready homes over projects. With the help of Compass Concierge, we can help spruce up your home to make the best first impression on buyers! 

Follow the link to find out more about what's been happening in the real estate market in Q3 2024 in Massachussetts, including breakdowns by areas of Boston and the suburbs. If you are interested in seeing where your home fits into the stats, let me know - I love digging deeper into the numbers!