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Market Report: December 2024

Ed Greable
Jan 20 6 minutes read

Boston Market Report

As 2024 comes to a close, Boston's real estate market continues to shine with promising opportunities for both buyers and sellers. Here's a snapshot of the latest trends:

  • Rising Prices: The median sale price hit $898,500, up 6.3% MoM and 8.3% YoY, while the median list price reached $919,000, reflecting strong seller advantages.
  • Higher Demand: With 406 homes sold, a 10.6% MoM and 23.8% YoY increase, demand remains robust, keeping competition high.
  • Inventory Challenges: New listings dropped by 33.9% MoM, creating a competitive edge for sellers, while buyers face limited options.

From growing property values to steady demand, Boston's market is buzzing with activity. Whether you're planning to buy or sell, now's the time to act!

$898,500

Median Sales Price

191

Active Listings

406

Home Sales

37

Median Days on Market

Arlington Market Report

As we wrap up 2024, Arlington’s real estate market presents a mix of opportunities and challenges for buyers and sellers. Here's what’s happening:

  • Median Sale Price: At $1,060,000, prices dipped 10.2% MoM but rose an impressive 41.3% YoY, signaling a strong market recovery that favors sellers.
  • Median List Price: Down 70.5% MoM to $824,900, buyers may find room for negotiation as sellers adapt to shifting market trends.
  • Homes Sold: With just 3 homes sold (a 40% MoM drop), market activity has slowed, but steady YoY demand suggests the need for strategic pricing.
  • Pending Sales & New Listings: A doubling of both pending sales and new listings MoM hints at potential growth in early 2025.
  • Days on Market: Homes are taking longer to sell, with a median of 32 days, offering buyers more time while requiring patience from sellers.

Arlington's evolving market offers unique opportunities for those ready to act strategically. Stay informed and plan your next move wisely!

$1,060,000

Median Sales Price

2

Active Listings

3

Home Sales

32

Median Days on Market

Cambridge Market Report

Cambridge’s real estate market is closing out the year with strong momentum, offering exciting opportunities for both buyers and sellers. Here’s a quick look at the latest trends:

  • Median Sale Price: Rising to $1,150,000 (+6.98% YoY), Cambridge’s market remains strong, making it an opportune time for sellers to maximize their returns.
  • Median List Price: At $865,000 (-31.34% YoY), buyers may find more competitive pricing, opening doors to valuable deals.
  • Price Per Square Foot: Up 4.69% YoY to $877.93, Cambridge properties continue to grow in value, benefiting both investors and sellers.
  • Homes Sold: With 41 homes sold (+28.13% YoY), demand is vibrant, signaling a fast-paced market for those ready to make a move.
  • Inventory & New Listings: Inventory (-39.81% YoY) and new listings (-41.38% YoY) are both down, creating a competitive market where buyers must act quickly.
  • Months of Supply: A sharp drop to 1.5 months (-170% YoY) confirms a strong seller’s market where homes are moving faster than ever.

Cambridge’s dynamic market shows no signs of slowing down. Whether buying or selling, now is the time to navigate this thriving landscape with a strategic approach!

$1,150,000

Median Sales Price

17

Active Listings

41

Home Sales

24

Median Days On Market

Somerville Market Report

Somerville’s real estate market is wrapping up 2024 with notable trends that highlight exciting opportunities for buyers and sellers alike. Here’s the latest:

  • Median Sale Price: At $1,035,000 (+21% YoY), Somerville’s rising prices showcase a robust market, giving sellers a prime chance to maximize their investments.
  • Median List Price: While up slightly MoM, the median list price has dropped 13.9% YoY to $1,377,000, offering buyers room to negotiate in a competitive market.
  • Homes Sold: A 58% YoY increase in sales, with 49 homes sold, underscores strong demand and a fast-moving market.
  • Inventory & Supply: With inventory down 25.7% YoY and just 1.1 months of supply, sellers are in a strong position, while buyers face limited options.
  • Days on Market: Homes are selling faster, averaging 34 days on the market (-6 days YoY), requiring buyers to act decisively.

Somerville’s dynamic market offers plenty of potential for those ready to move quickly and strategically. Whether you’re buying or selling, now is the time to act!

$1,035,000

Median Sales Price

14

Active Listings

49

Home Sales

34

Median Days On Market

Medford Market Report

As 2024 winds down, Medford’s real estate market offers unique opportunities for both buyers and sellers. Here’s a quick breakdown of the latest trends:

  • Median Sale Price: At $825,000 (+2.5% MoM, -3.8% YoY), the market remains resilient, offering stability for buyers while still benefiting sellers.
  • Median List Price: Dropping to $799,900 (-11.1% MoM, -7% YoY), sellers are adjusting to market conditions, creating potential for buyer negotiations.
  • Homes Sold: With 35 homes sold (+2.9% MoM, -16.7% YoY), demand remains steady, though fewer transactions suggest less competition for buyers.
  • New Listings: Up 15.8% MoM and YoY, with 22 new listings, buyers have more options, while sellers face increased competition.
  • Months of Supply: Down to just 0.9 months (-60% MoM, +30% YoY), the low supply keeps the market competitive, favoring sellers.
  • Days on Market: Homes are taking 35 days to sell (+18 days MoM, +17 days YoY), signaling the need for strategic pricing and marketing from sellers.

Medford’s dynamic market calls for careful planning and informed decision-making. Whether you're looking to buy or sell, now is the time to leverage these insights to your advantage!

$825,000

Median Sales Price

22

Active Listing

35

Home Sales

32

Median Days On Market