In September 2024, the real estate markets in Burlington, Massachusetts, and Bedford, Massachusetts, showed notable shifts compared to the same month last year.
Single-family home sales declined in Burlington and grew in Bedford. In September, Burlington had no condominium sales, and Bedford condo sales plummeted 67 percent.
From January through September, single-family home sales remained relatively stable year over year, while condominium sales softened, especially in Burlington.
The following data from the Massachusetts Association of Realtors provides more details.
Closed Sales
• Single-family home sales in Burlington declined in September, dropping by 20 percent to 12 sales.
• Bedford experienced a sharp increase of 250 percent, reaching seven closed sales from two in September 2023.
Median Sales Price
• Burlington's median price for single-family homes increased by more than 2 percent to $825,000 from $805,500 in September 2023.
• Bedford's saw a 25 percent decrease to $825,000.
Percent of Original List Price Received
• Home buyers paid slightly more than 100 percent of the original listing price for houses in Burlington, on average, an increase from about 98 percent.
• Home buyers didn't pay more than the listing price in Bedford in September. Homes sold on average for about 97 percent of the original price. In September 2023, houses sold almost 9 percent more than the original listing price.
Inventory of Houses for Sale
• Burlington's inventory grew by 45 percent, reaching 29 homes in September.
• Bedford also saw an increase in supply by one house, rising 7 percent to 16 homes.
Closed Sales
• Burlington had zero closed condominium sales in September, down from three in September 2023.
• Bedford also saw a decline in condo sales, with two closed sales, a decrease of 67 percent from 6 units sold in September 2023.
Median Sales Price
• Burlington's condo price was zero due to no sales.
• Bedford's median condo price fell by 15 percent to $805,000.
Percent of Original List Price Received
• Again, Burlington had no condominium sales in September.
• Bedford condo buyers paid, on average, 97 percent of the original list price, down from about 102 percent in September 2023.
Inventory of Condominiums for Sale
• Burlington's inventory decreased by 80.0 percent, leaving one unit on the market at the end of September.
• Bedford's condo inventory dropped by 33 percent to two units.
Closed Sales
• Burlington saw a slight increase in closed sales through September, with 131 closed sales, up by less than 1 percent from the first nine months of 2023.
• Bedford experienced a slight decrease, with 73 houses sold, down by 3 percent from the same nine-month period last year.
Median Sales Price
• Burlington's median house price rose by 5 percent to $850,000.
• Bedford's median house price rose almost 1 percent to $1,060,000 through September.
New Listings
• Burlington experienced a 3 percent increase in new listings, totaling 157 through September.
• Bedford saw a more significant increase of 7 percent, reaching 96 new listings compared to 90 last year.
Percent of Original List Price Received
• Burlington condo buyers paid, on average, about 100 percent of the original listing price.
• Bedford experienced a 0.9 percent increase, reaching 104 percent.
Closed Sales
• Burlington saw a substantial drop in condominium sales, down 36 percent to 14 units sold through September.
• Bedford experienced a 12 percent slide to 23 condo sales from 26 in 2023.
Median Sales Price
• Burlington's median condo price rose 9 percent to $817,500.
• Bedford's median condo price decreased by 3 percent to $859,000 compared to $882,5000 during 2023's first nine months.
New Listings
• New listings of condominiums in Burlington dropped significantly, falling 43 percent to 17.
• Bedford also saw a reduction, with new listings down by 24 percent to 26.
Percent of Original List Price Received
• On average, home buyers paid 100.0 percent of the original listing price.
• Bedford condo buyers paid 101.0 percent.
Through the first three quarters of 2024, single-family home sales in Burlington and Bedford were flat, and condominium sales were essentially flat in Bedford and down in Burlington.
Through September, median prices in Burlington and Bedford held steady, but inventory grew slightly. New listings also increased in September.
On average, home buyers did not pay significantly more than the listing price in September, which may be a sign of softening in the two real estate markets. With mortgage interest rates down from a year ago – but higher than a month ago – the next few months may provide some relief from the crazy sellers' market in Burlington and Bedford.