Taking our monthly look at the housing market, we see some interesting trends and shifts compared to the same period in 2023. The towns north of Boston—Concord, Acton, Westford, Lexington, Bedford, Winchester, and their neighbors—continue to show dynamic real estate market activity. Let's delve into the numbers and see what they reveal.
Sales Volume and Price Trends
May 2024 demonstrated a robust increase in average sale prices compared to last year. Both Acton and Winchester showed double-digit increases—up 10% and 13%, respectively. Median sale prices also experienced a significant upward shift, particularly in Concord, Boxborough, and Carlisle, where values soared by more than 20%. These trends indicate a strong appreciation in overall house values in these desirable towns.
Demand Outpacing Supply
Across all the towns we analyzed, the average sold price exceeded the list price—a clear sign of high demand. In Acton and Lexington, homes sold for an average of 7% above their asking prices, underscoring the competitive nature of the market. Despite the fierce demand, the number of listings sold declined by 20-30% in Acton, Bedford, Lexington, and Westford. We attribute this drop not to a lack of interest but a shortage of available inventory.
Inventory and Days on Market
While demand remains high, the market is showing signs of adjustment. The average days on market (DOM) increased notably compared to May 2023. Westford saw a 30% increase in DOM, and Bedford experienced an even steeper rise of 50%. This suggests that while homes are still selling, buyers are taking the time to do their due diligence before signing a contract.
On another positive note for buyers, inventory levels are improving, which bodes well for the coming months. Lexington and Arlington have seen on-market listings rise by nearly 40% and 50%, respectively, setting the stage for a busy summer. Buyers will have more options, and sellers will need to be strategic in pricing and marketing their properties to stand out.
Market Sentiment and Looking Ahead
The sentiment among both buyers and sellers remains positive. Sellers are capitalizing on the favorable market conditions, while buyers are encouraged by the increased inventory and stable interest rates. However, as always, it pays to be prepared. Buyers should have their financing in order and be ready to act swiftly, while sellers should ensure their homes are market-ready to attract competitive offers.
As we move into the summer months, traditionally a quieter time for real estate, we anticipate continued robust activity. Keep an eye on our weekly updates for the latest tips to navigate this vibrant market. If you're considering buying or selling, now is an excellent time to connect with one of our experienced agents who can guide you through the process with expertise and local knowledge.
