The uptick in listing activity and the completion of construction projects, coupled with steady mortgage rates, suggest a promising shift is underway in the Massachusetts real estate market, according to the Massachusetts Association of Realtors (MAR) January housing statistics report released Feb. 20.  

New listings in January increased 78.9% from December. That’s a good thing as available inventory still struggles to keep up with buyer demand. 

Mortgage rates also dropped nationally last month from their peak. Combined with the housing supply shortage, home values are also benefiting, as existing home prices rose 4.4% from last year. 

“Low inventory and affordability continue to challenge many buyers, but we’re beginning to see an increase in listing activity, construction completions and stabilizing mortgage rates helping to drive a positive shift in the market,” said Amy Wallick, 2024 president of MAR and Realtor at Lamacchia Realty. “With this slow rise in inventory, we’re hopeful to see more buyers and sellers emerge in the coming months.”

Last month, the median sale price for a )single-family home in Massachusetts increased 9.6% from January 2023 to $570,000, while new, single-family home listings increased by 5.1%. 

There was good news in the condo market last month as well as the median condominium price also increased from last year, up 4.5% to $520,000. Condo listings also fell last month, down 7.8% from a year ago.

The report also found that year over year, single-family closed sales fell 2.5% from 2023, while closed condo sales dropped 22.7%.