December Alone Noticed a 16.1% Surge in Gross sales
The median single-family house sale value in Massachusetts reached a brand new all-time excessive by the tip of 2024, climbing by 7.9% all year long to finish December at a report $615,000, actual property market analysts at The Warren Group said Tuesday.
That value represents the median of 42,019 single-family house gross sales in Massachusetts throughout 2024, a 2.9% improve over a historically-underwhelming 2023. December’s outcomes ended the yr with will increase in each variety of properties offered and the median value of these properties.
“December alone skilled a 16.1 p.c surge in gross sales in comparison with December 2023, with 3,657 transactions and a median value of $600,000, one other report for the month,” Cassidy Norton, affiliate writer of The Warren Group, mentioned.
On the condominium aspect of the market final yr, The Warren Group reported a decline in gross sales although costs adopted the same development. There have been 18,783 rental gross sales in 2024, a 2.2% lower from 2023 and the fewest rental gross sales for any yr since 2011. The year-end median sale value was up 4.9% from 2023 to face at $535,000, which The Warren Group mentioned is a brand new all-time excessive.
The dynamic of chronically-limited stock and always-escalating costs contributes to creating Massachusetts an costly place to reside. State policymakers are relying on a brand new housing manufacturing legislation to start to chip away at what’s projected to be a 220,000-plus housing unit scarcity by 2030.
As soon as somebody is ready to overcome the numerous hurdles to homeownership in Massachusetts, they’re typically confronted with a few of the highest vitality costs within the nation to maintain that house snug.
The U.S. Bureau of Labor Statistics said Tuesday that Boston-area costs for electrical energy per kilowatt-hour had been 73.3% increased than the nationwide common and the typical value for a therm of pure gasoline right here was 64.9% increased than the U.S. common as of December. Gasoline costs that averaged $3.188 a gallon in December had been “comparable” to the nationwide common, BLS mentioned.