The median single-family home selling price rose nearly 9% in the 2024 first quarter compared to a year ago in the area served by the Northeast Association of REALTORS® (NEAR), according to the housing market report released today by the association. The 399 closed sales were slightly below the total in the 2023 first quarter.

“Buyers are actively watching for the newest listings and acting quickly when they see a home that checks their boxes,” said Frances Markel, NEAR president. “Buyer competition for newly listed homes continues to drive multiple offers and price gains on many homes. REALTORS® continue to help buyers and sellers navigate these market conditions to meet their housing goals.”

“The slight uptick in inventory through the first quarter is largely due to new construction,” said Markel. “The number of existing homes listed for sale remains near historic lows and represents the biggest headwind in our housing market. Many would-be sellers are staying on the sidelines due to current higher mortgage rates and the reduced availability of options for their next home.”

There were 399 closed sales in the 2024 first quarter, down 2% from the 407 sold in the 2023 first quarter. The March 2024 closed sales total of 143 represented a decrease of 7.1% from March 2024.

The 2024 first-quarter median sales price of $615,000 was an 8.8% increase from the 2023 first-quarter median of $565,000. The March median sales price was $685,000, up 17.4% from the March 2023 median of $583,500.

The number of homes listed for sale was 167 at the end of March, down 2 7.4% compared to March 2023. New listings were down 2.1% at the end of March compared to a year ago.

The complete report is available HERE.