Market Report: November 2024

Boston Market Report 

The city’s real estate market continues to shine this November, offering exciting opportunities for both buyers and sellers.

With median sale prices up 5.4% year-over-year to $842,500, sellers can enjoy strong returns, while buyers might find potential deals as median list prices dip slightly month-over-month. Homes are moving quickly, with a 22.7% YoY increase in pending sales, signaling robust demand.

Meanwhile, the median price per square foot is up 6.3%, reflecting the growing value of residential spaces across Boston. Inventory has seen a modest increase, but with just 3.2 months of supply, it’s still a seller’s market.

Arlington Market Report 

Key Highlights:

• Median Sale Price: $1,180,000, reflecting a stable market with a 1.37% increase YoY, though slightly down MoM. Sellers can leverage this consistency, while buyers might find room to negotiate.
• Median List Price: Up to $2,799,000 (2.24% YoY), signaling strong seller confidence as prices continue to trend upward.
• Price Per Square Foot: At $515, buyers may find attractive opportunities with a 20% YoY decrease offering more value per square foot.
• Market Activity: Low activity with just 5 homes sold and 1 pending sale, driven by limited inventory, creating a highly competitive market for buyers.
• Days on Market: Homes are selling in an average of 15 days—a quick turnaround, though slower compared to last year.
• Sale to List Ratio: A striking 113.22%, meaning sellers are receiving offers well above asking price.

Cambridge Market Report

Key Highlights:

• Median Sale Price: At $1,201,000, prices are up 20.1% YoY, signaling a stable and lucrative market for sellers. Buyers should be prepared for higher competition.
• Median List Price: Slightly down month-over-month at $1,299,000 but up 8.5% YoY, offering buyers a chance to negotiate amid signs of market correction.
• Inventory and Supply: With just 111 homes on the market (a 32.3% MoM drop) and only 2.2 months of supply, inventory remains tight, creating urgency for buyers and favorable conditions for sellers.
• Days on Market: Homes are selling in 21 days on average, 7 days faster than this time last year, highlighting the fast-paced nature of the market.
• Competitive Offers: Over 37% of homes are selling above list price, showcasing strong demand and multiple-offer scenarios that favor sellers.

Medford Market Report

Key Highlights:

• Median Sale Price: At $1,201,000, prices are up 20.1% YoY, signaling a stable and lucrative market for sellers. Buyers should be prepared for higher competition.
• Median List Price: Slightly down month-over-month at $1,299,000 but up 8.5% YoY, offering buyers a chance to negotiate amid signs of market correction.
• Inventory and Supply: With just 111 homes on the market (a 32.3% MoM drop) and only 2.2 months of supply, inventory remains tight, creating urgency for buyers and favorable conditions for sellers.
• Days on Market: Homes are selling in 21 days on average, 7 days faster than this time last year, highlighting the fast-paced nature of the market.
• Competitive Offers: Over 37% of homes are selling above list price, showcasing strong demand and multiple-offer scenarios that favor sellers.

Somerville Market Report

Key Highlights:

• Median Sale Price: At $1,122,000, prices have seen a 16.9% YoY increase, signaling a thriving market. Sellers can take advantage of this growth, while buyers may want to act before prices rise further.
• Median List Price: Up 20.1% YoY to $1,200,000, reflecting strong seller confidence and a competitive environment for buyers.
• Price Per Square Foot: At $672.41, up 10.9% YoY, this trend highlights the increasing value of properties, benefiting both investors and sellers looking to maximize their returns.
• Days on Market: Homes are selling in just 21 days, 5 days faster than last year, emphasizing the market's fast pace. Buyers need to act quickly, while sellers can anticipate swift sales.
• Competitive Offers: With 40.9% of homes selling above list price, the market remains highly competitive, requiring buyers to make decisive and compelling offers.