MARKET UPDATE BROOKLINE, MA
Market Update Brookline single-family homes: Inventory up, slower market pace, higher market activity, median sale price down, median sale price per square foot up year-over-year.
On May 31, 2024, there were 56 single-family homes on the market in Brookline, MA with a median list price of $4,225,000. This represents an 18% increase in inventory year-over-year. Months supply of inventory is at 5.74 months which indicates a balanced market where supply and demand are relatively equal.
The months supply of inventory data is somewhat deceptive because of the combination of low market activity (29 homes sold in the first 5 months of 2024), the increasingly higher price points of single-family homes on the market in Brookline and the gap between the median sale price ($2,300,000) and median list price ($4,225,000). The median days to offer of 12 days, up from 7 in 2023 is an indicator of a fast-paced market where properties are selling quickly, but higher price points naturally take longer to sell due to the smaller buyer pool who can afford the more expensive homes on the market.
The median sale price of $2,300,000 was down 21% from May 31, 2023, however, the median sale price per square foot was up 11% year-over year. This shows that demand is still high, but that larger, more expensive homes that require more renovation and maintenance are in less demand. 29 single-family homes were sold in Brookline through May 31, 2024, up 16% from 25 in same period of 2023.
Sellers receive a median of 98.2% of list price which indicates strong market demand. Overall, the Brookline single-family homes market remains competitive with limited inventory, high demand, and price appreciation, especially at the lower end of the price range in the market. Buyers should be prepared to act quickly, especially at the lower price points, while sellers can expect favorable selling conditions if they price properties well. Source: MLS Pinergy
Reach out to Realtor® Ingvild Brown for concierge real estate services and advice.
MARKET UPDATE NEWTON, MA
Market Update Newton single-family homes: Inventory up, slower market pace, higher market activity, median sale price up
Months supply of inventory is at 3.3 months, up from 2.4 months year-over-year. Median days to offer is 10, up from 6 (67% increase) from 2023, still a fast-paced market, especially considering the market’s high median price point.
Additionally, homes are selling quickly with the median days to offer of 10 days on the market, up from 6 year-over-year. This indicates a competitive market where buyers are making quick decisions on purchasing properties. Sellers receive a median of 99% of the list price, compared to 100% one year ago.
The median sale price of $1,875,000 as of May 31, 2024 was up from $1,750,000 year-over-year, an increase of 7%. the high demand for properties in this market, driving prices up. Buyers should be prepared for competitive bidding situations and potentially higher prices, while sellers can expect to receive strong offers on their properties if they price well.
Overall, the Newton single-family homes market is competitive with high demand for properties, resulting in fast sales and strong prices. Buyers and sellers should be prepared to act quickly and strategically in order to navigate this dynamic market. Source: MLS Pinergy
Reach out to Realtor® Ingvild Brown for concierge real estate services and advice.
