The South Boston single-family housing market in 2024 reflected economic shifts, changing buyer behaviors, and the impact of rising mortgage rates. As affordability remained a concern, buyers exercised caution, leading to fluctuating sales prices and longer days on the market in some months. However, demand persisted, particularly for well-priced and move-in-ready homes.
2024 South Boston Single Family Market Performance
Median Sales Prices & Market Activity
- Highest Median Price (2024): $1,816,667 (December 2024)
- Lowest Median Price (2024): $575,000 (February 2024)
- Highest Median Price (2023): $1,371,000
- Lowest Median Price (2023): $942,333
Days on Market (DOM)
- In 2024, homes took an average of 50 days to sell, compared to 69 days in 2023.
- Some months saw longer selling times due to buyer affordability concerns, with February 2024 having the longest DOM at 92 days.
- The shortest DOM was recorded in October 2024, when homes spent just 25 days on the market.
Homes Selling Above Asking
- In 2023, 26% of homes sold above asking, whereas in 2024, only 18% did.
- Competitive pricing and well-prepared listings remained key factors in achieving over-asking prices.
- The highest percentage of homes selling over asking was in January 2024 (100%), while the lowest was in April 2024 (33%).
2025 South Boston Real Estate Predictions
Will 2025 Be a Buyer’s or Seller’s Market?
Due to continued economic uncertainty and high mortgage rates, the South Boston market in 2025 will likely begin as a buyer’s market. However, demand could pick up as the year progresses, particularly in the spring and summer, making it more balanced or favoring sellers later.
- Q1 & Q2 2025: Buyers may find better deals as sellers adjust to market conditions.
- Q3 & Q4 2025: If interest rates stabilize or drop, buyer competition may increase, shifting the market toward sellers.
For Buyers 
Best Time to Buy: January – April 2025 will likely offer the best prices and less competition. More Inventory: With sellers looking to offload properties, buyers can negotiate better deals. Be Mortgage-Ready: If rates fall, competition will increase, so securing financing early is crucial.
For Sellers
Best Time to Sell: Summer and early fall (July – October 2025) should see the highest demand. Pricing Strategy: With buyers still cautious, a competitive price will be key to a faster sale. Updated Homes Sell Faster: Homes with modern upgrades and proper staging will attract higher offers.
Impact of a New Presidential Administration
A new presidential administration could bring economic policy shifts impacting the housing market 2025. If mortgage rates remain high due to inflation concerns, affordability challenges could persist, keeping the market slower. However, if policies encourage rate reductions, buyer confidence will grow, leading to increased demand and rising home prices.
Final Thoughts
The South Boston single-family market in 2024 saw a mix of affordability challenges and buyer demand fluctuations. As we move into 2025, timing the market will be crucial for buyers and sellers. Buyers should act early for the best prices, while sellers may benefit from listing during peak seasons.
Thinking about buying or selling in 2025? Contact me for expert market insights and personalized guidance! Please also check out the market analysis for the South Boston Condo Market in 2024 and the South Boston Rental Market Analysis. Lastly, you can find out where the market is going every Mon and Tuesday on Instagram, Facebook, and YouTube, where current market conditions are discussed.
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