Housing inventory in Massachusetts is rising just as the spring market approaches, according to the Massachusetts Association of Realtors (MAR) February housing statistics report

In February, new listings increased month over month, but overall activity remained sluggish, marked by a third consecutive month of declining closed sales.

New listings in February increased from the same time last year, a positive sign, MAR says, of how homebuyers are navigating what is proving to be a challenging market with high competition and home prices. 

Amy Wallick, 2024 MAR president and Realtor at Lamacchia Realty, called the two consecutive months of increases in new listings encouraging as we head into the spring market. 

“Buyers should still be prepared to navigate a competitive landscape with sustained inventory challenges, but we expect to see activity increase as a reflection of these new listings improvements and the changing of the seasons,” she said. 

Last month, the median sale price for a single-family home in Massachusetts increased by 9.4% from February 2023 to $569,000, while new, single-family home listings increased by 23%.

The condo market also saw positive change last month, as the median condominium price also increased from last year, up 6.4% to $500,000. Condo listings also grew last month, increasing 1.4% from a year ago.

The report also found that year over year, single-family closed sales grew 0.3% from 2023, while closed condo sales were up 1.4%.