Closed single-family home sales rose nearly 23% in May 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. This marks two consecutive months of double-digit sales gains compared to year-ago totals. The May 2024 median selling price was $724,000, an increase of nearly 14% compared to May 2023.

“Our local housing market continues to be very active, driven by the return of sellers to the market and ongoing buyer demand,” Frances Markel, NEAR president. “We continue to buck national closed home sale trends within the NEAR territory, which we expect will continue into the summer given the number of home sales that are pending this month.”  

“Despite the growth in the number of homes for sale, REALTORS® are still helping homebuyers navigate the historically low inventory throughout our area,” Markel said. “Today’s homebuyers need to bring perseverance and patience to their home search. We are optimistic the current moderation in mortgage rates will bring additional home sellers off the sidelines to meet the ongoing demand.”

The May 2024 closed single-family sales total of 238 represented an increase of 22.7% from May 2023. The year-to-date (Jan. 1 – May 31) single-family home sales total of 814 represented an increase of 8.1% over the same period a year ago.  

The May median sales price was $740,000, up 13.8% from the May 2023 median of $650,000. The year-to-date (Jan. 1 – May 31) median sales price was $650,000, an increase of 8.3% from the same period in 2023. 

The number of single-family homes listed for sale was 274 at the end of May, an increase of 4.6% compared to May 2023. New listings were up 24.3% in May compared to a year ago.

The complete report is available HERE.

Editor’s Note: All data is compiled from the MLS Property Information Network, Inc. and provided by the Massachusetts Association of REALTORS®. The data includes Andover, Billerica, Boxford, Carlisle, Chelmsford, Dracut, Dunstable, Lawrence, Littleton, Methuen, North Andover, Tewksbury, Tyngsboro and Westford.

The Northeast Association of REALTORS®, headquartered in Westford, MA, is the trade association representing approximately 2,000 REALTORS®. Since 1998, NEAR’s mission has been to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®.