Your South Coast Real Estate Market Report for April 2024

Prepared for you by Bernadette Kelly Group, Keller Williams Cape Cod & Colonial Partners. Leaders in real estate sales and rentals on the South Coast for over 20 years. ‘We make the South Coast home.’

Massachusetts saw a 16.4% increase in closed sales and a 39.8% increase in new listings for single-family homes from March to April.

MAR data provided the following key indicators for April:
● The median sale price for single-family homes increased by 8.5% to $635,000 and by 1.9% to $540,000 for condominiums from this time last year.
● New listings increased by 22.3% for single-family homes and 18.4% for condominiums year-over-year.
● Closed sales increased by 8.0% for single-family homes and by 11.0% for condominiums year-over-year.

While month-over-month and year-over-year increases for both new listings and closed sales are positive, median sales price continues to climb at both measures, playing a significant role in prospective homebuyers’ ability to successfully navigate the market. Though March saw a decrease in month’s supply compared to February, April saw an increase in this category from March. Housing affordability index for April was 47 – the lowest this figure has been in 2024.

“April showed signs of increased market activity, but demand continues to outweigh supply for the Massachusetts housing market,” said 2024 president of MAR “Housing costs continue to compound these market conditions, as evidenced by the housing affordability index reaching its lowest point thus far this year. The market continues to favor sellers, with median home prices still on the rise, and we’re hopeful that this plus the summer season will encourage more sellers to enter the market.”

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