Jamaica Plain Condo Market: 2024 Recap & 2025 Forecast for Buyers and Sellers
The Jamaica Plain real estate market remained dynamic throughout 2024, with notable fluctuations in condo sales, pricing trends, and demand shifts. Whether you’re looking to buy, sell, or invest in Jamaica Plain, understanding the past year’s data is crucial for making informed decisions in 2025.
2024 Jamaica Plain Condo Market Overview
Over the past year, Jamaica Plain condo sales have experienced high competition and shifting demand, leading to price fluctuations and market trends.
- Total Condo Sales: In January, there were 11 condo closings, peaking in June (40 sales), as the spring and summer markets saw the highest activity.
- Price Trends:
- Median condo prices ranged from $684,609 (September) to $979,779 (February).
- Smaller units (studios & 1-bedrooms) showed steady demand, while larger condos saw fluctuating interest.
- Days on Market (DOM):
- Homes sold fastest in April (24 days on average).
- September was the slowest-moving month, with 44 days on the market, suggesting buyer hesitation during the fall season.
- Homes Selling Above Asking:
- In May and June, competitive bidding surged, with 22 and 25 homes closing above the asking price, respectively.
- Only four homes sold above asking by December, indicating a possible buyer-friendly shift.
How 2024 Compared to 2023
When comparing 2023 vs. 2024, we observed:
- Overall price growth: Average condo prices increased from $698,299 in 2023 to $955,730 in 2024, driven by high demand in early and mid-year months.
- Stronger first-half performance: Q1 and Q2 had the highest list-to-sale price ratios, reflecting competitive market conditions.
- Fall slowdown: September and October saw longer days on the market and fewer above-asking sales, signaling a seasonal cooldown.
2025 Forecast: What’s Next for Jamaica Plain Buyers & Sellers?
Looking ahead to 2025, here’s what buyers and sellers can expect:
Buyer Forecast: More Opportunities Emerging?
- Interest rates may ease slightly, but affordability will remain a concern, keeping condos in high demand.
- Although Q1 and Q2 may still be competitive, buyers should look for deals in Q3 and Q4 when homes historically spend more days on the market.
- As demand shifts slightly from larger, higher-priced units, two-bedroom condos may offer the best balance of value and availability.
Seller Forecast: Is It Still a Good Time to List?
- Pricing will remain strong, but expectations should be adjusted as buyer competition cools from 2024’s peak months.
- Sellers listing in Q2 (April–June) will likely see the highest offers, especially for well-priced properties in prime locations.
- Staging and strategic pricing will be crucial as buyers become more selective in a shifting market.
- Blue Line (Condos Closed): Shows fluctuations in sales, with peaks in May and June (spring/summer activity).
- The Green Dashed Line (Median Sale Price) highlights how pricing shifted, with a spike in February and December.
- Red Line (Days on Market): Properties sold fastest in April and June but stayed longer in May and September.
- Purple Dashed Line (Homes Sold Above Asking): The highest competition for homes was in May and June when buyers more frequently bid above asking.
Orange Bars: Illustrate months where more homes sold below the asking price, peaking in September and December, suggesting a buyer-friendly market during those months.
Going into 2025, buyers and sellers must be realistic, especially if they’re on the spring market. However, sellers who are flexible and offer help to buyers, like buydowns, offering to pay a broker fee, and offering credits if there are repairs that need to be made that were not made before going to market, would be wise to offer. Buyers need to realize that homes are still selling at once, and you have power in the 2025 marketplace, but you won’t be able to buy any home at a bargain price. You must also realize that purchasing a home must be balanced. If you are a Buyer, Seller, or Renter, please check out my single-family market report and rental market analysis. Contact me if you have questions. I am happy to speak to anyone and address any of your needs.
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