In Plymouth County, the median sales price jumped 15.4% in a year, closing out 2023 at $600,000, and the average sales price of $701,976 - which was a 10% increase in one year’s time. Speculation remains around interest rates continuing to be a factor stalling some buyers from entering the market, but the MAR President remains hopeful for improvement as 2024 progresses.
Barnstable County enjoyed an 11.6% increase to a median home sales prices of $730,000, and the average sales price of $992,961, which was a 9.3% increase. Affordability and inventory are factors we continue to monitor, as we anticipate an uptick in listings and buyer activity this season!
Last year’s look-back:
“Low inventory continues to be a roadblock for buyers looking to purchase a home in 2023 but it is not stopping them,” said David McCarthy, 2023 president of MAR and Realtor at Keller Williams. “The pent-up demand and lack of inventory throughout the year has resulted in potential buyers entering the market, amidst unfavorable conditions, in search of well-priced and well-presented homes.”
As 2023 comes to a close, MAR hopes to see more inventory come on the market in the upcoming year. The lack of inventory seen this year is not just a result of the availability of homes for sale, but the shortage of housing in general within the state. MAR and Realtors alike continue to stress the importance of more building to even out the imbalance in the housing market.
December marked the most significant reduction in year-over-year closed sales since September of this year. Nationally, however, U.S. existing home sales broke the five-month streak of national sales declines. Low inventory continues to create challenges for buyers, but the MAR president encourages homeowners to consider entering the market.
“Aspiring buyers have faced many obstacles this year, but are still out there and active in the market,” said Amy Wallick, 2024 president of MAR and Realtor at Lamacchia Realty. “We are anticipating existing home sales will follow the national trend and pick up in the months ahead, so if you are considering putting your home on the market, now is a great time. Buyers are interested and in search of a home to fit their family’s needs.”
As seen across the rest of the nation, affordability and inventory were the most significant issues for Massachusetts homebuyers in 2023.
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