The single-family home market in Brookline is marked by low turnover and rising prices. Despite a 4.8% year-over-year decrease in the median sales price, now at $2,354,000, the price per square foot has increased by 7.1% to $746 compared to 2023. The number of homes sold dropped by 17.5%, with only 66 units sold. Homes are taking longer to sell, with the median days to offer rising by 87.5% to 15 days and the median days on market increasing by 52.9% to 26 days. While buyers are taking slightly longer to make decisions, they are still acting much faster than the national average, especially given the high price point of this market.
As of August 31, there were 33 single-family homes on the market in Brookline, a 73.6% increase from the previous year. However, with a median list price of $5,495,000, up 22% from 2023, the current inventory is priced well above the median market level. The median list price per square foot for these homes is $873, a 4.3% year-over-year decrease but significantly higher than the median sale price per square foot of $746. The current inventory has been on the market for a median of 106 days, a 9.4% decrease from a year ago, with a supply of inventory at four months, up 96% and a significant increase from 2023. Overall, the market remains a seller's market but is showing signs of slowing as continued price appreciation makes it increasingly unaffordable for more buyers.
The Newton market for single-family homes has been strong over the past year, with increased activity and rising prices compared to a year ago. The median sales price is now $1,837,000, a 4.3% increase from 2023, while the median price per square foot has risen by 7.4% to $611. Market activity has also picked up, with 345 units sold, representing an 9.8% increase over 2023. Despite the higher prices, the market remains competitive for buyers, as shown by the median days to offer at 8 days, up 14.2%, and the median days on market at 20, up 11.1% from last year.
At the end of August 2024, there were 92 single-family homes on the market in Newton, up 48.4% from 2023 with a median list price of $ 2,762,500, up 3.37% and a median list price per square foot of $ 581, down, 0.9%. Newton is strong sellers’ market with 2.3 months supply of inventory, but buyers have more homes to choose from and the current inventory has been on the market for a median of 72 days, up 10.7% from one year ago.
