As we approach the end of 2024, the real estate markets in Greater Boston and the South Shore continue to showcase their resilience and appeal. Here’s a closer look at the latest trends, from pricing to inventory shifts, that are shaping the market landscape across both regions.
Market Overview
The Greater Boston and South Shore real estate markets are experiencing strong activity as demand remains robust across both areas. From high-value neighborhoods to more affordable towns, these markets cater to a range of buyers while presenting sellers with advantageous conditions. Here’s an in-depth look at current trends by region.
Pricing Trends
In Greater Boston and the South Shore, home prices have seen notable appreciation in recent months:
- Greater Boston: Single-family home prices reached a median of $950,500 in May 2024, reflecting a 5.6% increase year-over-year.
- South Shore: The region’s average single-family home price rose from $935,378 in Q3 2023 to $968,293 in Q3 2024, driven by high demand and limited inventory .
- Hingham: $1,100,000
- Cohasset: $1,285,000 (highest in the region)
- Norwell: $1,030,000
- Scituate: $875,000
- Hull: $787,000
- Weymouth: $600,000 (more budget-friendly)
The consistent price appreciation underscores the demand for homes, with South Shore towns offering varied price points, from luxury in Cohasset to affordability in Weymouth .
Market Activity
The competitive nature of the market in both Greater Boston and the South Shore is clear, with many properties selling quickly and often above asking price.
- Greater Boston: Single-family home sales grew by 9.3% year-over-year, with the average property selling for 104.2% of its list price .
- South Shore: Homesoffers in just seven days for single-family homes, and nine days for condos in Q3 2024. The list-to-sold price ratio remains high at 102.6% .
This rapid turnover emphasizes buyers must act fast in these high-demand areas. For sellers, a properly priced property is likely to sell quickly, often with multiple offers.
Inventory Trends
Inventory levels remain a pivotal factor, with slight increases benefiting buyers while still keeping the market competitive:
- Greater Boston: Active single-family listings grew by 17.1% as of May 2024 .
- South Shore: The number of homes for sale rose by 16.5% year-over-year, with newly listed homes increasing by 15.3% .
The gradual uptick in inventory provides more opportunity for buyers, and demand continues to drive sales velocity and price resilience.
Town-Specific Insights
Each town brings unique qualities to the market, appealing to various buyers:
- Weymouth leads in sales volume with 167 homes sold, underscoring its affordability and popularity.
- Cohasset commands the highest prices but has a longer average market time, showing that while demand is strong, the higher price point appeals to a specific buyer segment.
- Hull offers a balanced market with competitive pricing and a solid number of sales .
Market Outlook
The outlook for the Greater Boston Shore markets remains positive, driven by high demand, low inventory, and interest from a broad buyer base. Here’s what to expect in the coming months:
- Steady Demand: Demand from millennial buyers in Greater Boston and lifestyle-driven buyers in the South Shore continues to fuel activity.
- Interest Rates: Although rates remain higher than in recent years, gradual decreases are anticipated, potentially encouraging further buyer interest.
- Condo Market Softening: While single-family homes stay in high demand, the condo market may see a softer approach, particularly in South Shore communities.
Overall, the market’s resilience signals favorable conditions for both buyers seeking diverse options and sellers looking to capitalize on strong demand. With continued price appreciation and quick sales, 2024 closes out as a promising year for Greater Boston and South Shore real estate.
This comprehensive update highlights the robust, dynamic environment that buyers and sellers can expect as we head into the new year. Stay tuned for future updates to keep a pulse on market movements and opportunities.
