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Hello Pamela,
Happy 2025! I apologize for being a bit tardy with my year end analysis. The real estate market has been very active this winter!
What is happening in the local real estate market? 2024 was a very good year for the local real estate market and better than 2023. Number of homes sold, total sales and median sale price are all up from 2023. This confirms it is still a seller's market. Interesting to note that we are seeing some price adjustments. Pricing homes for this market is challenging!
Inventory- As of 2/24/25 there are currently 18 homes on the market in Hingham, as compared to 16 a year ago. However, in the $2M and below price range there are only 4 properties on the market, as compared to 9 a year ago. The $2M and below is the most active part of the market and where we desperately need more inventory.
Interest Rates- We are starting to see a moderation in interest rates. My "Go To" lender Kevin Byrne of Movement Mortgage reminds me that rates go up quickly and take their time coming down. See the latest rates below. I highly recommend Kevin as he is responsive, professional, reliable and offers very competitive mortgage rate options.
2025 Forecast-
- More listings
- Slightly higher median sale price
- More sales
- Slightly higher days to offer
- Mortgage rates in the 6-7% range and in the lower end of the range by year end
Interested in having a chat about the local real estate market? I am a click/text/phone call away.
Supporting Hingham Historical Society
I went on a Hingham Historical Society yellow cart tour last fall. It was a fun and educational experience which I highly recommend! See more information below.
As always, if you have any questions about the local real estate market or would like to discuss purchasing or selling a home, I am just a phone call, text or click away.
Sincerely,
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