Homebuyers continue to face challenges as inventory issues and high interest rates make the Massachusetts real estate market very competitive. 

Despite increases in median sales prices and decreases in listing and closed sales, there’s high hope for a better market in 2024, according to the Massachusetts Association of Realtors (MAR) November housing statistics report released Monday. 

The report found well-informed buyers are now searching for affordable properties as a way to navigate both the competitive market and increased demand. That had some buyers pulling back as interest rates continued to be a factor last month, but MAR President David McCarthy says he remains hopeful for improvement in 2024.

“Low inventory continues to be a roadblock for buyers looking to purchase a home in 2023, but it is not stopping them,” said McCarthy. “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.”

Last month, the median sale price for a single-family home in Massachusetts increased 10% from November 2022 to $605,000, while new, single-family home listings decreased by 0.3%. 

The median condominium price also increased from last year, up 4% to $515,000. Condo listings also fell last month, down 2.7% from a year ago.

The report also found that year over year, single-family closed sales fell 11.2% from 2022, while closed condo sales dropped 9%.

The Massachusetts Association of Realtors says it hopes to see more inventory come on the market in the new year. 

“The lack of inventory seen this year is not just a result of  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.”