May 2024 Cape Cod Real Estate Market Report | The Lento Group - Your trusted real estate expert. Whether buying or selling, let's make your property dreams a reality.

Massachusetts saw a 26.3% increase in closed sales and a 25.2% increase in new listings for single-family homes from April to May.

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MAR data provided the following key indicators for May:

The median sale price for single-family homes increased by 7.3% to $660,000 and by 4.4% to $569,000 for condominiums from this time last year.
New listings increased by 17.5% for single-family homes and 5.8% for condominiums year-over-year.
Closed sales increased by 6.9% for single-family homes and decreased by 0.5% for condominiums year-over-year.

For single-family homes, May saw month-over-month and year-over-year increases across closed sales, new listings and inventory of homes for sale, though median sales price continues to climb at both measures, acting as a neutralizer for prospective buyers and agents excited about these other positive trends. The housing affordability index declined for another consecutive month, marking a new low in 2024 for this figure.

“Though we’re encouraged by the increases in inventory and sales observed for single-family homes in May, housing costs continue to be a barrier for prospective buyers across the Commonwealth,” said Amy Wallick, 2024 president of MAR. “Given these favorable current conditions, we’re hopeful that more sellers will enter the market and help alleviate the ongoing inventory issues we’ve been dealing with for decades to increase opportunities for buyers to find a home.”

Interested in learning more about how our local real estate market is performing or what your home is worth in today’s market? Reach out today.

May 2024 Cape Cod Real Estate Market Report | The Lento Group

Lento Group, with KW Cape Cod & Colonial Partners are your source for up-to-date real estate market information.