Your South Coast Real Estate Market Report for May 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 26.3% increase in closed sales and a 25.2% increase in new listings for single-family homes from April to May.

MAR data provided the following key indicators for May:
● The median sale price for single-family homes increased by 7.3% to $660,000 and by 4.4% to $569,000 for condominiums from this time last year.
● New listings increased by 17.5% for single-family homes and 5.8% for condominiums year-over-year.
● Closed sales increased by 6.9% for single-family homes and decreased by 0.5% for condominiums year-over-year.

For single-family homes, May saw month-over-month and year-over-year increases across closed sales, new listings and inventory of homes for sale, though median sales price continues to climb at both measures, acting as a neutralizer for prospective buyers and agents excited about these other positive trends.

The housing affordability index declined for another consecutive month, marking a new low in 2024 for this figure. “Though we’re encouraged by the increases in inventory and sales observed for single-family homes in May, housing costs continue to be a barrier for prospective buyers across the Commonwealth,” said Amy Wallick, 2024 president of MAR. “Given these favorable current conditions, we’re hopeful that more sellers will enter the market and help alleviate the ongoing inventory issues we’ve been dealing with for decades to increase opportunities for buyers to find a home.”

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