With Record High Home Prices In MA, Are There Still Deals Available?

MASSACHUSETTS — In this weekly homes column, we've highlighted homes in the oldest communities of Massachusetts, showcased homes for hosting holiday parties and more.

But this month's theme is more topical, and not nearly as cheery.

For what seems like the millionth month in a row, a report from the Warren Group included a similar sentiment: single-family home sales are way down, and the prices for those homes are way up.

In November, there were 3,447 single-family home sales in Massachusetts, a 10 percent decrease from November 2022. It was the fewest number of home sales in November since 2011.

On the other end of the spectrum, home sale prices increased 8.4 on a year-over-year basis, reaching $579,900. That's an all-time high for November, according to the report.

These numbers aren't an anomaly.

As of the November report, there have been 37,629 single-family home sales in Massachusetts, a nearly 23 percent decrease from the first 11 months of 2022. The median single-family home cost is up four percent over the same period.

Condo sales are also down 19 percent, while the median price is up five percent.

Is there relief on the way in 2024? Not really, according to Warren Group Associate Publisher and Media Relations Director Cassidy Norton.

"I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates," Norton said.

"However, the Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure."

While some communities saw a decline in sales of over 60 percent in November 2023, Natick, a sought-after and highly-ranking Boston suburb, declined by only about 25 percent. However, that number is also true for year-over-year home sales.

Another concerning aspect of home sale data in Natick is pricing.

The median year-to-date sale price in November 2022 was $850,500. For 2023? Over $1.1 million.

So are there deals available in the Boston suburb? Here's what we found:

90 Evergreen Rd., Natick, Mass.

To answer the question from above, not really. This Evergreen Road home is back on the market, listed at nearly $1.5 million.

The three-bedroom, three-bathroom home sits on Lake Cochituate and comes with a number of amenities in addition to the lake access.

This renovated home comes with a second-floor addition and finished basement with two bonus rooms and an office space.

Read more about the home at the link here.