Timing is everything when selling a house in Massachusetts. But what factors truly matter in the Bay State’s dynamic real estate market?
We’ve crunched the numbers on seasonal trends and economic conditions to reveal the best (and worst) times to sell. In today’s unpredictable housing landscape, optimizing your sale is crucial—and we’re here to make it simple.
Ready to uncover the secrets of perfect timing for your Massachusetts home sale? Let’s get started and maximize your profits together.
Key Notes
- Seasonality theory suggests that Spring and Summer are the best times to sell a house.
- February, April, May and June are the best months to sell a home.
- Thursday close to payday is the optimal day to list a home on the market.
- 46% increase in foreclosure activity indicates less prospective buyers in MA.
- High interest and inflation rates have caused a significant decrease in home sales in MA.
Massachusetts Real Estate Seasonality
Optimal Seasons
In Massachusetts, and across the board in general, Spring and Summer are widely considered to be the optimal seasons for the housing market.
Logically, good weather and long days are a positive influence on buyer movement and activity. These conditions create an ideal environment for potential buyers to explore properties and make decisions.
Factors Influencing Buyer Decisions
The vast majority of homebuyers still make their final decisions based not only on their financial position but also their gut feelings about the property—feelings that stem from physical visits, show houses, and inspections.
Seasonal Considerations for Families
The summer break also offers families the opportunity to relocate outside of the school year, saving their kids from disruption and disturbance.
On the contrary, families tend to avoid moving during winter months as their priorities lie more in enjoying the festive season.
The fact is buyers are humans whose activities and emotions are heavily influenced by the seasons. As our later statistics show, these seasonal patterns also heavily impact their property purchases.
Economic Factors Affecting the MA Real Estate Market
As far as housing goes, the impact of the US economy can certainly be felt in Massachusetts.
Foreclosure Activity
ATTOM Data Solutions, leaders in property and real estate data, reported that in the first half of 2024, Massachusetts was one of the states with the greatest increase in foreclosure activity—a massive 46% compared to this time last year.
A substantial increase in foreclosure activity is a particularly worrying statistic for the Massachusetts real estate market. It indicates that a larger number of the population is unable to afford homes, which can be seen as a direct decrease in the number of viable buyers.
Historical Market Trends
When looking at historical market trends in Massachusetts, particularly in the years post-pandemic, we see:
- A consistent rise in home prices
- Consistently low inventory
These factors create a complex market environment for both buyers and sellers.
Current Market Conditions
The Massachusetts housing market continues to be a seller’s market, dominated by low inventory and high sales prices.
However, this comes with challenges:
- High prices and low inventory might seem favorable for sellers, but listing at a high price doesn’t guarantee a sale.
- In June 2023, single-family home sales in Massachusetts were down by 20.5% and condo sales by 23.2% compared to the previous year.
This trend continues in 2024. The Massachusetts Association of Realtors found that:
- The median sale price for a single-family home was $609,900 in March – around 9% higher than the previous year.
- The same was found in regard to condo prices, which rose by around 8% to $555,000.
- The number of homes and condos listed for sale (inventory) was also at a record low.
Market Implications
While the current market favors sellers, it’s crucial to note that this advantage only applies if the seller can find a suitable buyer. High interest rates and increased foreclosure activity have impacted buyer availability and purchasing power.
Best Month to Sell a House in 2024
Statistics indicate that February, April, May, and June are generally considered the best months to sell a home.
Analysis of millions of home sales over more than a decade reveals that sellers often achieve the highest premiums during these months. Specifically, homes tend to sell for significantly above market value, with premiums reaching 12.8% in February, 12.5% in April, and 13.1% in May.
Fastest Home Sales Months
June stands out as a prime month for home sales, boasting the highest number of transactions annually despite a slightly lower seller premium of 12.4%.
The data also shows that June, July, and August have the highest number of finalized purchases, supporting the theory that buyer activity peaks from spring through late summer.
Optimal Listing Times Massachusetts
Thursday emerges as the optimal day to list a property in Massachusetts, potentially yielding up to $3,000 more than listings on Sundays or Mondays (which are considered the worst days for listing).
This advantage stems from weekend house showings, with buyers and agents typically planning later in the week. New listings appear more attractive to buyers.
Data suggests listing on a Thursday towards the end of the month is even more beneficial, as most top-selling days fall between the 22nd and 30th, coinciding with typical paydays.
Notably, May 27th stands out as the best day of the year to sell, offering a seller premium of 16.2%.
Worst Month to Sell a House in 2024
September, October, and November emerge as the least favorable months for selling homes, with seller premiums dropping to 8.8%, 9.5%, and 9.5% respectively.
January and February see the lowest number of sales but offer higher premiums (10.6% and 12.8%). So, while finding a serious buyer may take some time in these months, it could be worth the wait financially.
The autumn and winter months present challenges in attracting buyers and securing desired prices, largely due to school year disruptions and holiday season reluctance. However, February stands out as an exception, offering a low number of sales but the second-highest seller premium, making it unexpectedly favorable for sellers willing to wait for the right buyer.
Frequently Asked Questions
Should I sell my house now or wait until 2025?
Based on the seasonality theory, if a seller can close a sale before the end of Summer, it may still be worthwhile from a profitability and buyer interest perspective to consider selling in 2024. If a sale can only be concluded between September – December, then the seasonality theory suggests waiting until Spring of 2025 to maximize seller premiums.
Is now a good time to sell a house in Massachusetts?
Based on record low inventory statewide, selling prices for homes in Massachusetts have never been higher – favoring the seller.
However, due to equally challenging economic conditions – mortgage rates above 7%, inflation at 4%, and a 41% increase in MA foreclosure activity – the traditional housing market lacks a wealth of prospective buyers.
Sellers in Massachusetts would be wise to consider alternative selling options such as iBuyers and cash home buying companies, which may be the most viable solution to having a valuable asset in a cash-strapped market.
What is the most profitable month to sell a house?
With a mighty 13.1% seller premium, May is the most profitable month to sell a house, sitting sweetly in the middle of the lucrative spring and summer real estate windows.
Conclusion
Timing is everything in the Massachusetts real estate market. While spring and summer shine as prime selling seasons, with February, April, May, and June offering the juiciest profits, savvy sellers know that every market has its nuances. Thursdays near payday have emerged as the golden ticket for listings, maximizing your home’s exposure to eager buyers.
But in today’s unpredictable market, with high foreclosure rates and economic uncertainty, even the best timing might not be enough. That’s where we come in. As a cash home-buying company, we offer a hassle-free alternative to traditional selling methods. Why navigate the complex waters of seasonal trends and market fluctuations alone?
Ready to sell on your terms? Contact us today for a free, no-obligation cash offer and experience a smoother path to selling your Massachusetts home.
