Your South Coast Real Estate Market Report for August 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.’

From July to August, Massachusetts saw a 3.8% decrease in median sales price for single-family homes and a 3.4% decrease for condominiums for the second consecutive month since January. Due to the decrease in sales price, the housing affordability index for both markets went up for the second month in a row by 6.7% increase, a positive sign for buyers.

MAR data provided the following key indicators for May:
● The median sale price for single-family homes increased by 3.2% to $650,000 and by 2.7% to $557,000 for condominiums from August of last year.
● New listings decreased by 5.9% for single-family homes and by 14.2% for condominiums for the third consecutive month.
● Closed sales decreased by 3% for single-family homes and by 9.4% for condominiums from July to August.

New listings continue to experience a decline, especially over the past three months, though buyers remain optimistic as median sales prices decreased over the summer for both single family homes and condominiums throughout Massachusetts.

“We’re hopeful that with the recent decline in median sales price, it will allow more sellers to enter the market and prospective buyers to pursue and achieve home ownership,” said Amy Wallick, 2024 president of MAR. “With limited inventory, market competition remains high, leaving sellers in a good place to enter the market and help increase the number of prospective homes available to eager buyers.”

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