Historically, the real estate market shows signs of slowing down in the fall. While that wasn’t the case in 2020, this past month showed some signs of normalcy, according to the Massachusetts Association of Realtors October housing statistics report.
Last month, median sales prices dropped from September, even as single-family home prices rose 10.6% compared to October2020. October’s median single-family home price was $520,000, down from September’s $525,000.
Single-family home listings, meanwhile, were also down last month, dropping 19.2% compared to the previous year. In October, there were 5,096 single-family homes on the market, a 21% decrease from September. The report noted these inventory constraints are prompting potential buyers to rent, increasing both competition and rents.
Condominium prices also fell in October, with the median price dropping to $431,000 from $460,000 in September. New condo listings also decreased, falling 25% compared to last year.
“While this time of year is historically slower than the spring market for home sales, NAR cites the strong demand, slight increase in new construction and low interest rates continue to entice buyers and close sales on homes that would usually sit on the market for longer,” MAR president Steve Medeiros said in a press release. “The predicted increase in rates is not meant to rush buyers into purchasing homes but definitely a consideration to make when making offers or deciding to take a break from searching.”
The report also found home listings were staying on the market for 30 days, three days longer than September’s 27-day average. MAR also found single-family homes sold faster last month than they did in any other October since the organization began reporting data back in 2004.