The real estate market across Cape Cod, Coastal Massachusetts, and the Greater Boston area during the first half of 2024, continue to be a period of continued demand, tight inventory, and notable price changes influenced by local factors and broader economic conditions. Barnstable County has seen an increase in sales volume and median home prices, with the median sold price rising from $660,000 in 2023 to $699,900 in 2024, marking a 6% increase. Despite an increase in new listings by 21%, inventory remains tight, contributing to competitive bidding and shorter days on the market. The region continues to attract buyers from urban areas seeking more space, retirees, and second-home buyers. Coastal Massachusetts, including areas of the South Coast and South Shore, are experiencing strong demand and limited supply, leading to significant price increases. The median sold price on the South Shore rose by 10%, from $675,000 in 2023 to $750,000 in 2024. New construction is underway to meet demand, though regulatory challenges and high costs are limiting the pace of new developments. The overall market conditions reflect a competitive landscape with rising prices driven by robust demand. The Greater Boston area has seen a resurgence in interest after a pandemic-induced slowdown. The urban living appeal remains strong, driven by the region’s cultural offerings, educational institutions, and robust job market. The condo market is recovering, with median sold prices increasing by 2%, from $784,000 in 2023 to $800,000 in 2024. Suburban areas around Boston continue to see high demand due to remote work flexibility, with notable market activity in towns like Cambridge and Somerville. Somerville’s median sold price increased by 15%, from $965,000 in 2023 to $1,140,000 in 2024. The luxury market has remained resilient, with Boston’s luxury segment seeing a 7% increase in median sold prices, from $2,857,000 in 2023 to $3,062,500 in 2024. Across Massachusetts, the housing market is expected to remain competitive with continued demand and limited supply through the remainder of the year. The median sales price for single-family homes is projected to increase by 9.4%, reaching $569,000, while condominium properties are expected to see a 6.4% increase, with a median sales price of $500,000. The outlook is promising, with robust demand and favorable economic conditions, although inventory levels and rising interest rates could influence market dynamics. The overall housing market predictions for the remainder of 2024 emphasize the potential for a balanced market if more listings enter the market, improving affordability and increasing buying activity. The Boston housing market, in particular, is expected to see a modest decline of 0.9% in home values, following a year of solid growth at 9.2%. However, historical appreciation rates in Boston have been strong, with a cumulative home appreciation rate of 106.17% over the past ten years, highlighting its appeal to long-term investors. — 2 — EXECUTIVE SUMMARY Emily Clark President, Berkshire Hathaway HomeServices Robert Paul Properties
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