This dynamic report offers an in-depth analysis of this year's Hingham Real Estate market data, trends and observations for the first half of 2024.
7-MONTH REPORT 2024 HINGHAM REAL ESTATE
COMPREHENSIVE INSIGHTS AND TRENDS
www.DarleenLannonRealEstate.com 617-899-4508
Welcome to My Mid-Year Hingham Real Estate Report
As the #1 Realtor in Hingham per MLS for the past 2½ years and the #1 Realtor in total sales across the entire South Shore of Massachusetts for 2023, I am excited to present the 2024 Hingham Real Estate 7-Month Market Review. This report offers an in-depth analysis of this year's market data, trends and observations for the first half of 2024.
Why a 7-Month Report?
While my annual year-end report provides a thorough overview, the 7-month report allows us to identify emerging trends, detect new patterns that may influence buying or selling decisions and adjust strategies to current market conditions. By providing you current data, this report will enable you to make informed decisions with the latest market information. Analyzing mid-year data also allows us to make accurate predictions to help you plan future moves confidently. This 7-month market review is designed to empower you with the knowledge needed to navigate the Hingham real estate market effectively.
EXPERT INSIGHTS ON WHAT’S TO COME
In recent months, the housing market has been subject to a myriad of headlines and news stories about a "correction.” It's crucial to understand that home prices in Hingham are not on the verge of a dramatic decline and in fact our median sales price year to date has increased. National data indicates that home prices are normalizing and will continue to appreciate, albeit at a more moderate pace. Here is a look at what the experts are predicting for the rest of 2024.
Real Estate Forecast “The market will move toward more of a balanced housing market in the second half of the year, but prospective home buyers will still face competition.” -Lisa Sturtevant, Chief Economist at Bright MLS
Mortgage Rates “…Mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer…a key factor in starting
to provide affordability relief to homebuyers.” -Danielle Hale, Chief Economist, Realtor.com
Election Impact “Usually, home sales are unchanged compared to a non- election year with the exception being November. In an election year, November is slower than normal.” —Ali Wolf, Chief Economist, Zonda
HINGHAM SINGLE FAMILY HOMES
Market Trends Through 7/31
The Hingham real estate market in 2024 has shown significant activity with a 47% increase in market inventory compared to 2023, offering more options for buyers and greater competition for sellers. Sales volume has risen by 18%, reflecting a robust and active market environment. Home values have appreciated by 12.5%, with the median sales price increasing from $1,200,000 in 2023 to $1,350,000 in 2024. Despite this, the median sale price per square foot has decreased by 5.5%, indicating potential purchases of larger homes or a market correction. Buyer interest remains strong with a 28% rise in pending listings, while the median days to offer have remained stable at 7 days. Overall, the increased inventory, rising home values, and heightened buyer demand create favorable conditions for both buyers and sellers in Hingham
HINGHAM SINGLE FAMILY HOMES
TOTAL HOMES SOLD EACH MONTH IN 2024
The total homes sold each month in 2024 reflect a dynamic and evolving Hingham real estate market. In January and February, we experienced a modest increase in the number of homes sold compared to the same months in 2023. However, the Spring months were hot, (March, April, May) saw a remarkable surge, with the number of homes sold in 2024 being 58% higher than in 2023. Interestingly, the total number of homes sold in June and July was 49 in both 2023 and 2024 indicating similar growth in these months.
HINGHAM SINGLE FAMILY HOMES 124 HOMES SOLD BY PRICE POINT 1/1/24 - 7/31/24
$3,000,000+- 5.6%
$500,000-$799,999 8.1%
$2,500,000-$2,999,999 5.6%
$800,000-$999,999 12.1%
$2,000,000-$2,499,999 8.9%
$1,500,000-$1,999,999 21.8%
$1,000,000-$1,499,999 37.9%
Through July 2024, Hingham's real estate market showed a diverse range of single-family homes sold. Out of the 124 homes sold, those priced between $1 million and $1.99 million represented the largest share, accounting for nearly 59% of all sales year-to-date. High-end properties priced over $2 million also comprised a significant portion of sales at approximately 20%, indicating that 2024 has experienced a very strong demand for luxury homes. These trends highlight the robust and dynamic nature of Hingham's real estate market, with notable interest in both premium and high-value properties.
HINGHAM SINGLE FAMILY HOMES
MEDIAN PRICE PER SQUARE FOOT
The median price per square foot in Hingham has consistently grown from 2019 to 2023, with the market peak reaching $528 per square foot in 2023. Through July of 2024, there has been a decrease in the median price per square foot to $503. This adjustment indicates some market stabilization following the peak in 2023, reflecting a balancing of supply and demand in the Hingham real estate market.
HINGHAM SINGLE FAMILY HOMES
MEDIAN SALES PRICE
As of July 31st, 2024, Hingham's median sales price reached $1,350,000, reflecting a 12.5% increase from year-end 2023. This substantial growth highlights the strength of Hingham's real estate market. Since 2019, pre-COVID, the median sales price has soared by 69%, underscoring the remarkable appreciation and demand for properties in the area.
TIPS FOR SELLERS CONSIDERING SELLING WITHIN THE NEXT YEAR It's clear from our year to date market stats that preparation and timing are key to maximizing your home's potential. If you're considering selling in the next year, here are some strategic tips that I would recommend doing now to ensure maximum value. Enhance Curb Appeal Ensure the exterior of your home is inviting and well- maintained. Summer and fall are ideal times for exterior house touch-ups. Pay particular attention to the front entryway—first impressions matter! Professional Exterior Photos Have professional photos taken of your home's exterior during summer or fall. High-quality exterior shots provide the flexibility to list your home at any time during the year. Declutter and Depersonalize Remove personal items and excess clutter to make your home appear more spacious and allow potential buyers to envision themselves living there. Conduct Necessary Repairs Address any minor repairs or maintenance issues. Fix leaky faucets, squeaky doors, and other small problems that could detract from the home's appeal and come up during inspection. Update Key Features Consider updating key features like kitchen appliances, bathroom fixtures, or outdated lighting. Small updates can add significant value.
In conclusion, as we move into the final five months of 2024 in the Hingham real estate market, I would like to express my sincere gratitude to all my clients for making the first half of this year truly remarkable. So far this, I have had the privilege of selling over 30 homes in Hingham. Your trust and support have been the foundation of my success, and I am deeply appreciative of the referrals and business you have entrusted to me. Whether you're buying, selling, or simply exploring how much equity you have in your home, I am here to provide the guidance and expertise you need.
Cheers, Darleen Lannon
Darleen Lannon Coldwell Banker 617-899-4508 #1 Realtor in Hingham
Contact 617-899-4508 Darleen@DarleenLannonRealEstate.com www.DarleenLannonRealEstate.com
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