August 2024 Monthly Housing Market Trends Report

• The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.
• The total number of unsold homes, including homes that are under contract, increased by 20.9% compared with last year.
• Home sellers slowed down their listing activity in August, with -0.9% fewer homes newly listed on the market compared with last year. This is the first negative reading in nearly a year.
• The median price of homes for sale this August decreased by 1.3% compared with last year, at $429,990. However, the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.
• Homes spent 53 days on the market, the slowest August in five years. This is seven days more than last year and three days more than last month.
• The share of listings with price cuts reached the highest for an August in over five years, increasing by 3.1 percentage points compared with last year to 19.3%.
• We estimate the current relationship between rising inventory and days on the market to be about 6:1 for U.S. metros. Every 6 percentage point annual increase in inventory is correlated with a one-day increase in the median days on the market.

According to the Realtor.com® August housing data, the housing market slowed considerably as both buyers and sellers patiently wait for a lower mortgage rate environment. Though the median list price nationwide decreased compared with the same time last year, homes saw a modest price increase on a per-square-foot basis. Sellers are increasingly showing patience and modesty—something buyers haven’t much experienced in the post-pandemic housing market—with homes moving at the slowest rate for an August in five years, the share of listings with price cuts reaching the highest for an August since 2018, and active listing counts hitting the highest since May 2020.

 

Bottom Line

The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.

If you want help weighing your options and thinking through how the current market factors in, let’s connect.

Michael Mahoney
617-615-9435
mike@mmahoney.com
MA. License #9051300
Real Broker LLC License #423031

☎️ 📆 Schedule a Call with Mike Now

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I am Michael Mahoney, a full time Realtor in Greater Boston focused on Norfolk & Suffolk Counties. I have been helping people fulfill the “American Dream” through home ownership, real estate wealth building, and real estate investment for over 2 decades.

My goal is to help people “go from the life they have to the life they dream about” using real estate as means to build wealth and financial security. If you want to make a change, I help people go from the “what if” to the “what is”.

I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.

I view my role as the advisor who helps people go from the life they have to the life they dream about. I help people go from the “what if” to the “what is”

I have sold everything from mobile homes to amazing estates. I have sold hundreds of homes, multi families and condos in almost every town in Suffolk and Norfolk County. I also sell homes in Plymouth, Bristol and Middlesex Counties. When asked what my specialty is, I often joke and say “from section eights to great estates”.

There is no property too small or too large in the residential space that I would shy away from.

All of my personal sales and marketing endeavors are supported by top-of-the-line personal market research completed carefully with expertise in order to create strategically targeted marketing collateral and campaigns for clients. I personally have a stand by commitment of 7-days a week for my clients. I aim to cultivate my own reputation for quality, professionalism and your results.

From selling hundreds of homes in Greater Boston comes experience and situational awareness that can only be developed over time which is a tremendous value to clients.

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