MLS PIN’s Q2 Market Insights Reports Are Here!

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Q2 Real Estate by the Numbers

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MLS PIN's Quarterly Market Insights

Welcome to another installment of Quarterly Market Insights, the interactive collection of charts and graphs that present year-over-year and five-year comparisons of Massachusetts market data for both single-families and condos. You may have noticed this summer’s been unusually hot so far, but has the real estate industry felt the heat too? Read on for my interpretation of the Q2 2024 data.

2024 has proven again to be an exciting year in real estate. At their June meeting, the Federal Reserve decided to remain steady and not cut rates. While they are looking at strong jobs data, they are focused on inflation still being over 3% and are being cautious with their moves this year. There will be four more meetings in 2024, so we’ll see what those will bring for the second half of the year.

Digging into the Latest Numbers

Even with unchanged rates, inventory has been on the rise for sure. You can see on the single-family slide 3, each week of Q2 2024 carried more listings on the market than did the same periods in 2023, with numbers rising continuously throughout the quarter.

However, even though inventory has been increasing, both average sales price and median sales price for single-family homes have risen again this year! (See slide 1.) Average sales price for single-families in Q2 was $851,653! That is a 7.81% increase over last year. Median sales price was up 7.39% to $669,063. That’s amazing growth in one year. Average days to offer (DTO) dropped to 19 days, compared to 21 days in 2023, which means there is still good competition out there as a whole.

A great indicator of market temperature is median sale-to-list price ratio. Slide 4 shows that in Q2 2024, it was 102.53%, up very slightly over 2023, which means there were still bidding wars driving prices above asking prices. We are now in the fourth straight year of median sale-to-list price exceeding 100%, certainly an amazing run for sellers. We don’t know how long this will last, but it may be reason for some sellers to enter the market in 2024.

Finally, it is good to see a very modest uptick in the number of closed units in Q2 2024, compared to 2023 (see slide 1). The increase in sales of just under 1% indicates we may have reached the low point and are on a trend up, especially if inventory continues to climb.

It should be an exciting second half of the year. There will be challenges and pockets of smaller markets that may not tell the same story as the whole, but I believe the intensity of buyer demand and excitement for sellers is still there in 2024.

I wish you all a great rest of the summer and my best to you, your family and friends, and your business.

Warmest regards,

Erminio Grasso

President and Chief Executive Officer