Q4 2023 Market Update - The Bell Petrini Group

A look back at the Boston, Metrowest, North Shore and South Shore markets in Q4 of 2023.

Q4 | 2023 The Bell Petrini Group's Market Report Boston, Metrowest, North Shore & South Shore Overview

MARKET REPORT

MARKET NOTE Sales activity in the Greater Boston real estate market slowed down in the fourth quarter of 2023 (Q4 2023). The following observations are drawn from year-to- date MLSPIN data encompassing 150 Greater Boston communities through December 31, 2023. Activity for both single-family homes and condominiums declined from Q3 2023 across new listings, pending sales, and closings, as well as softening prices vs. the previous quarter, which is common based on seasonality. For single-families, Q4 saw a median sales price of $700,000, which was lower than the Q3 median price of $750,000, but higher than the same quarter previous year’s median price of $646,000. The same trends were true for single-family average prices, and for condos. The median Q4 condo sale price of $579,000 was 5% lower than the previous quarter, but 7% higher than the last quarter of 2022. The average price was also lower than the previous quarter and higher than the last quarter of 2022. Homes sold more quickly in Q4 of this year vs. Q4 of last year, and sellers were able to capture a higher percentage of their asking price, on average, with single-family sellers averaging a sale price that was 1% above what they asked for. On a year-over-year basis, the trends were consistent with what we have been reporting throughout the year: less overall activity and higher prices. Since inventory remained low, sellers continued to control the market and be well-positioned to get record-high prices. The median sales price was $710,000 for a single-family and $596,000 for a condo in 2023. While condo sellers averaged 2% above their asking price, single family sellers had to negotiate more, and average 1.5% below their asking price (although this was not true in all individual sub-markets). Both single-family and condo sellers had to wait longer on average to receive acceptable offers than in 2022. In the luxury market (homes priced at $2 million and above), median prices stayed roughly fat for both single-families and condos (single-families dipped slightly), with fewer units selling. Total sales volume was higher in 2023 than in 2022 for condos, but lower for single-families. It also took longer for luxury properties to sell, with sellers ultimately getting slightly less than

their asking price (2% under ask for single-families, and 4% under ask for condos).

What should buyers expect in 2024? The Federal Reserve Board recently signaled it will lower interest rates this year, which might encourage more sellers to list their homes. (Many homeowners who need to buy once they sell have been reluctant to list due to high rates making purchases less affordable). Still, even a slight increase in inventory likely won’t drive down prices much. Many industry experts (MBA, NAR, Realtor.com) are predicting an uptick in the number of homes sold in 2024. Sellers, meanwhile, should expect continued strong buyer demand and higher prices in 2024. It’s worth noting that some experts (e.g., Realtor.com’s Chief Economist) are forecasting a slight drop in average prices, however.

MLSPIN Area Market Review, 1/1/23–12/31/23. The towns we used for Greater Boston statistics were sourced via Crunchbase. CCIMLS for Barnstable County, 10/1/23–12/31/23. LINK for Nantucket and Martha's Vineyard data, 10/1/23–12/31/23 vs. 10/1/22–12/31/22.

975 Memorial Drive, Unit 1008, Cambridge | Exclusively listed by The Petrowsky Jones Group

Living in Boston means a life at the center of everything — innovation and the arts, tradition, and technology. Bostonians are known for moving ever forward while cherishing simple, timeless pleasures like skating on Frog Pond, strolling the Public Garden, taking in various neighborhoods’ architectural gems, and shopping the boutiques of Newbury and Charles Streets. Just across the Charles River from Boston, leisure seekers in the Cambridge area can escape city life for the likes of Fresh Pond Reservation, and the manicured campuses of internationally-renowned universities.

Vibrant neighborhoods, such as Davis Square and Harvard Square, offer a diverse array of exciting dining, shopping, and nightlife options. Residents make their homes in spaces that are as diverse as the cities themselves — from the iconic brownstones of Back Bay, Beacon Street, and the South End, to Brookline and Cambridge’s generous estate properties, and the extraordinary painted ladies of Jamaica Plain.

SINGLE-FAMILY INVENTORY

Q4 2023

150 (-21.9%)

$1,729,533 (-4.9%)

TOTAL SINGLE-FAMILY SALES*

MEDIAN SALES PRICE**

46.3 (-7.1%) AVERAGE DAYS ON MARKET***

CONDOMINIUM INVENTORY

Q4 2023

TOTAL CONDO SALES* 560 (-18.2%)

MEDIAN SALES PRICE** $972,170 (+19.4%)

AVERAGE DAYS ON MARKET*** 49.3 ( -15.7%)

Towns included in the Boston & Cambridge region: Allston, Back Bay, Bay Village, Beacon Hill, Brighton, Brookline, Cambridge, Charlestown, Dorchester, East Boston, Fenway, Jamaica Plain, Midtown, Mission Hill, North End, Roslindale, Roxbury, Seaport, South Boston, South End, Waterfront, and West Roxbury.

* Total number of sales refected per towns listed on following page in Q4 2023. ** Average of median sales price per towns listed on following page in Q4 2023. *** Data refects totals and averages of the towns listed on the following page in Q4 2023.

Single-Family Data

Condominium Data

BOSTON & CAMBRIDGE

51-53 Abbott Road, Wellesley | Exclusively listed by Donahue Maley | Burns Team

MetroWest combines stunning conservation lands, tranquil ponds, and apple orchards with sought- after accessibility to offerings of urban living. Arts afcionados relish the Wellesley Symphony Orchestra, while the Natick Center for the Arts showcases some of the country’s most beloved musicians. Locals enjoy fne dining, dance, and theater performances, while also having access to trails and extensive conservation land.

Time spent at home might mean enjoying all the comforts and modern amenities of a brick Georgian revival with a wide front porch, a contemporary Colonial with cathedral ceilings, a well-appointed condominium, or a newly renovated townhome.

SINGLE-FAMILY INVENTORY

Q4 2023

502 (-15.5%)

$1,264,011 (+0.5%)

TOTAL SINGLE-FAMILY SALES*

MEDIAN SALES PRICE**

39 (-12.2%) AVERAGE DAYS ON MARKET***

CONDOMINIUM INVENTORY

Q4 2023

573 (-21.7%) TOTAL CONDO SALES*

$762,250 (-0.8%) MEDIAN SALES PRICE**

44 ( -7.0%) AVERAGE DAYS ON MARKET***

Towns included in the Metrowest region: Dedham, Dover, Framingham, Natick, Needham, Newton, Sherborn, Sudbury, Wayland, Wellesley, Weston, and Westwood.

Single-Family Data

Condominium Data

METROWEST

346 Ocean Avenue, Marblehead | Exclusively listed by Willis + Tierney

From the dunes of Plum Island to the pristine sands of Wingaersheek Beach, where the Annisquam River meets Ipswich Bay, the North Shore of Boston promises tranquil escapes taken straight from a postcard. Updated Colonials lend an air of sophistication to traditional architectural styles, while iconic Gothic Revival and Queen Anne-style homes attract visits from students of architecture.

Those looking for a livelier scene might check out Salem’s year-round Halloween happenings or venture further north to New Hampshire’s shopping hot spots. Lobster rolls, fea markets, and an easy commute to Boston by commuter rail make for an enviable lifestyle that feels a lot like vacation.

SINGLE-FAMILY INVENTORY

Q4 2023

$803,150 (+9.0%)

588 (-16.2%)

MEDIAN SALES PRICE**

TOTAL SINGLE-FAMILY SALES*

33 (-9.7%) AVERAGE DAYS ON MARKET***

CONDOMINIUM INVENTORY

Q4 2023

346 (-9.2%) TOTAL CONDO SALES*

$502,964 (-5.7%) MEDIAN SALES PRICE**

34 (-5.1%) AVERAGE DAYS ON MARKET***

Towns included in the North Shore region: Beverly, Chelsea, Danvers, Essex, Gloucester, Hamilton, Ipswich, Lynn, Manchester-by-the-Sea, Marblehead, Newburyport, Peabody, Revere, Rockport, Rowley, Salem, Salisbury, Swampscott, Wenham, and Winthrop.

Single-Family Data

Condominium Data

NORTH SHORE

28 Black Horse Lane, Cohasset | Exclusively listed by Betsy Cornell

The historic towns of the South Shore showcase stately Colonials, townhomes, and Capes, as well as nineteenth century country houses and estates framed by feldstone walls. New construction homes in the tradition of the Georgian Colonial are neighbors to tasteful condos with foor-to-ceiling bay windows and coastal views. While residents enjoy the proximity to both Boston and Providence, the South Shore has plenty to entice in its own right, from fresh oysters and farm-to-table dining to swimming, hiking, and biking in the Blue Hills and Neponset Reservations.

Defned by the prominence of Route 3, the South Shore features several gorgeous seaside towns along this highly traveled path, making for a picturesque excursion leading to the Cape. Families count on excellent schools, enjoy arts and cultural delights like dance performances and outdoor music festivals, and cherish institutions like the South Shore Music Circus and South Shore Children’s Museum.

SINGLE-FAMILY INVENTORY

Q4 2023

$791,538 (+6.6%) MEDIAN SALES PRICE**

771 (-8.8%)

TOTAL SINGLE-FAMILY SALES*

40 (+3.4%) AVERAGE DAYS ON MARKET***

CONDOMINIUM INVENTORY

Q4 2023

257 (-9.8%) TOTAL CONDO SALES*

$542,097 (-2.0%) MEDIAN SALES PRICE**

46 ( +15.9%) AVERAGE DAYS ON MARKET***

Towns included in the South Shore region: Braintree, Cohasset, Duxbury, Hanover, Hingham, Hull, Kingston, Marshfeld, Milton, Norwell, Pembroke, Plymouth, Quincy, Rockland, Scituate, and Weymouth.

Single-Family Data

Condominium Data

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No fnancial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not refect actual property conditions.

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. *Compass Concierge: Rules and Exclusions apply. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. See compass.com/concierge for more information. Subject to the terms of your Compass Concierge Loan Agreement, funds provided by Compass Concierge are to be repaid once one of the following happens (whichever occurs frst): your home sells, you terminate your listing agreement with Compass, Compass terminates your listing agreement, 12 months pass from your Concierge start date or Notable otherwise suspends your Compass Concierge loan for any reasons stated in the Compass Concierge Loan Agreement. Concierge Capital loans are provided by Notable Finance, LLC, NMLS# 1824748 and are made or arranged pursuant to a California Finance Lenders Law license. Loan eligibility is not guaranteed and all loans are subject to credit approval and underwriting by Notable. Compass is not a lender and is not providing loans as part of the Compass Concierge program. *Depending on your state of residence, fees or interest may apply. Subject to additional terms and conditions at compass.com/concierge.

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