After months of declines, March saw single-family home listings and closed sales jump almost 25% month over month, according to the Massachusetts Association of Realtors March housing statistics report.

Single-family listings rose 22.2%, while closed sales climbed 24.7% after three months of declines. 

Despite the increase in listings, housing demand continues to exceed supply, driving up median sale prices. 

Amy Wallick, 2024 MAR president and Realtor at Lamacchia Realty, expressed optimism despite the subdued market activity.

“Although market activity remains low, we’re remaining optimistic, as several municipalities are planning to allow accessory dwelling units by right, which will help to add inventory as we enter the spring market,” said Wallick. “We encourage buyers to remain active in their search and for those considering selling their home, now is a great time, as we continue to see an increase in median sale prices and high demand month over month.”

Last month, the median sale price for a single-family home in Massachusetts increased by 8.9% from March 2023 to $609,900, while new, single-family home listings decreased by 11.1%.

The condo market fared similarly, as the median condominium price increased from last year, up 7.8% to $555,000. Similar to home listings, condo listings fell last month, decreasing 14.1% from a year ago.

The report also found that year over year, single-family closed sales fell 6%, while closed condo sales fell 10.6%.