More homes for sale, prices jump 9 percent in 2024
Are you looking to buy or sell a home in Massachusetts before the end of the year? As we move through 2024, it’s essential to stay informed about the latest trends and developments in our local real estate market. Whether you’re a prospective home seller or buyer, there’s significant news to consider. Here’s a detailed look at what’s happening in the Massachusetts real estate market, with a specific focus on the Franklin MA real estate market.
Increased listings bring opportunities for buyers
The supply of available listings has seen a modest uptick this year. The total number of homes listed in Massachusetts rose by 10% in 2024 compared to the first half of 2023. Similarly, in Franklin, there has been a 12% increase in the number of homes listed for sale so far this year.
This increase in supply is welcome news for buyers, providing more options in a market that has been characterized by low inventory. However, it’s important to note that homes are still selling quickly. As listing agents, we’ve observed that many buyers continue to waive home inspections, making it crucial for buyers to be vigilant during home tours. Pay attention to any visible structural or condition issues, and ask your agent to help you identify potential problems before making an offer. Avoid the risk of discovering significant issues after moving in by being thorough upfront.
Strong price performance across Massachusetts
The Massachusetts real estate market enjoyed robust price performance during the first half of 2024. The median sale price of single-family homes throughout the state jumped over 9%, continuing a trend of increasing home values that began in 2020. Since then, the median sale price of single-family homes in the Bay State has surged by an impressive 48%.
This significant appreciation highlights the unpredictable nature of real estate markets. No expert foresaw such a dramatic rise in MA home values at the onset of the COVID-19 pandemic. This surge underscores the importance of staying flexible and well-informed when navigating the real estate landscape.
Franklin MA real estate market: a closer look
In the Franklin MA real estate market, the numbers are even more striking. The median sale price of a single-family home in Franklin soared by over 17% during the first half of 2024 compared to the same period in 2023. This brings the total increase in Franklin’s median sale price to an astounding 57% since 2020.
For homeowners in Franklin, this is excellent news. With home values at such high levels, now is an opportune time to consider selling. The significant equity gains provide a solid financial foundation for your next move, whether you’re upgrading, downsizing, or relocating.
Sales volume and days to offer: key metrics
When it comes to sales volume, the first half of 2024 mirrored the low sales totals of the first half of 2023. Sales of single-family homes in Massachusetts remain well below the levels of previous years. This trend is also evident in Franklin, where the 2024 sales volume was just slightly above that of the first half of 2023 but significantly below the sales pace of the previous two years.
One critical metric to consider is the “days to offer” for listings, which indicates how quickly homes receive offers. In Massachusetts, the average days to offer for all homes in the first half of 2024 was 24 days, down from 27 days in 2023. In Franklin, the days to offer has similarly decreased compared to the first half of 2023, reflecting a still-competitive market where well-priced homes attract quick offers.
Key takeaways for buyers and sellers
For homeowners, the ongoing spike in home values means you likely have more equity in your home than you might realize. 2024 is an excellent time to sell a home in Massachusetts. I offer an updated home value report, a comprehensive marketing plan, and a free consultation to help you navigate your best options in today’s strong housing market. Contact me to capitalize on the current market conditions.
Prospective home buyers should take heart from the increased number of homes entering the market. Homeownership remains a critical investment for future financial security. There are compelling reasons to buy a home now, and I’m here to help you through every step of the process. From mitigating risks during the purchase process to helping you spot potential issues and crafting a strong offer, my goal is to materially improve your home buying experience and help you secure the right home for you.
I’m Warren Reynolds with Berkshire Hathaway HomeServices Commonwealth. Message me or call me at (508) 561-6259 for Five-Star home buying and selling results.
