Real Estate Market Analysis: Hingham Single Family Homes (January 1, 2024-June 13,2024)

The real estate market for single family homes in Hingham has experienced notable changes in the first half of 2024 compared to the same period in 2023. Let's delve into the details of sales and inventory to understand these market dynamics.

 

Insights

  • The overall inventory has more than doubled from 24 homes in 2023 to 55 homes in 2024.
  • Significant increases in inventory are seen across various price ranges, particularly in the $1,000,000 - $1,499,999 range.
  • The increased inventory provides more options for buyers, potentially balancing the high demand seen in the sales data.

 

Insights 

  • The total number of homes sold in Hingham has increased substantially from 64 in 2023 to 78 in 2024.
  • The median sales price has risen from $1,167,500 to $1,302,500, indicating a strong market.
  • Sales in the $1,000,000 - $1,499,999 and $1,500,000 - $1,999,999 price ranges have seen significant increases, suggesting high demand in these segments.
  • There is a decrease in sales in the $500,000 - $999,999 range, reflecting a possible shift in buyer preference towards higher-priced homes.

Analysis

The Hingham real estate market for single family homes in the first half of 2024 shows a vibrant and active market with substantial increases in both sales volume and median sales price. The most notable growth is in the higher price ranges, particularly between $1,000,000 and $2,000,000.

My concern, though, is the amount of new inventory. The inventory of homes for sale in Hingham has more than doubled this year. The lock-in effect of low mortgage rates has significantly impacted the real estate market over the past few years. Last year, Hingham's existing home sales were low because sellers didn't want to sell, as it was cheaper to stay locked into their low mortgage rates. However, the situation has begun to shift, with sellers starting to re-enter the marketplace, leading to a substantial increase in inventory. Despite this influx of available homes, buyers are not displaying the same level of interest due to high interest rates, resulting in many properties sitting on the market longer than anticipated. This disparity between seller activity and buyer hesitancy highlights the ongoing challenges in balancing the Hingham real estate market dynamics.

For both buyers and sellers, these trends highlight the importance of staying informed and working with an experienced real estate agent. If you have any questions regarding your own real estate needs, please reach out to Darleen Lannon. 

 

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