2024 Year-End Market Watch Report

Posted by on in | 1 Views

Hot off the presses – the complete 2024 Year End Market Watch PDF with graphs and town by town historical data can be found here.  In the meantime, here are some highlights:

Number of Sales and Dollar Volume Transacted Rose Slightly Countywide in 2024

In 2024, Berkshire County saw a slight increase in real estate activity compared to the previous year. Residential, Condo, Multi-family, Commercial, and Land sales rose by 1% in the number of transactions and 3% in dollar volume. Following the pandemic-era buying peaks of 2020-2021, sales had slowed to pre-pandemic levels in 2022 and 2023. However, 2024 marked a modest rebound.  Sales of habitable property types—Residential, Condo, and Multi-family homes—experienced increases, while Commercial and Land transactions declined. Please refer to the specific property type reports in the full market update.

  • Central Berkshire: Number of sales increased by 5%; dollar volume rose by 10%.
  • Southern Berkshire: Sales grew by 7%; dollar volume increased by 1%.
  • Northern Berkshire: Transactions fell by 10%, with a 7% decline in dollar volume, returning to 2018-2019 levels.
Berkshire County REALTORS report that while the market has slowed from the pandemic frenzy, inventory shortages continue to challenge buyers. There remain more buyers than properties available in hot price points yet buyers remain selective and hesitant to purchase properties perceived as overpriced. Factors influencing the market include limited inventory, higher mortgage rates, inflation, nationwide debt, and more cautious buyer behavior. Despite these challenges, real estate remains a critical economic driver in the Berkshires.
All Sales 2023 2024
Region $ Sold # Sold $ Sold # Sold
North 505 $151,498,509 454 $140,224,369
Middle 906 $347,072,878 947 $380,175,791
South 246 $194,288,924 265 $196,144,665
Total 1657 $692,860,311 1666 $716,544,825

Residential sales up 2%, dollar volume up 4%

In 2024, the number of home sales increased by 2% compared to the previous year, rising from 1,112 to 1,133 transactions. North County sales started strong but declined in the third quarter, resulting in a 6% drop in single-family home sales—the largest decrease among all regions in the Berkshires.

Meanwhile, both Central and South County saw growth in single-family home sales, with Central Berkshire leading the way, driven by strong market performance in Pittsfield. The annual single-family market reached $546 million in total sales. Additionally, average sale prices continued to climb across the region.

Condo sales rose 1%, dollar volume rose 10%.

Condominium sales in southern Berkshire County saw a dramatic rebound in 2024 after a significant decline in 2023. The number of units sold doubled, and the total dollar volume increased by 51%, reflecting a strong, positive momentum. However, despite these gains, the average sale price fell compared to last year’s unusually high levels.

In Northern Berkshire, the condo market continued to face challenges. A total of 51 units were sold in 2024, unchanged from the previous year, showing no significant change in transaction volume.

Central Berkshire remained steady in the number of condo sales, but the market saw a notable shift with a 27% increase in the average selling price, highlighting strong growth in value for the area.

Multifamily Report

Multifamily sales in 2024 were strong across Berkshire County, with only minor declines in the number of units sold in Northern Berkshire and in dollar volume in Southern Berkshire. Otherwise, the market showed robust performance compared to the previous year.
While sales remain below the pandemic-era highs, the multifamily market appears stable. The average selling price for 1–5 unit buildings increased by 4%, reaching a countywide average of $255,307.

Land sales overall down 11%, dollar volume down 12%

South County land sales surged in 2024, bucking the downward trend seen in other areas of Berkshire County. After several robust years, the land market began to contract in 2022, continuing into 2023.

However, 2024 brought a turnaround in South County, with double-digit increases in both the number of parcels sold and the total transaction value.

In contrast, land sales in Northern and Central Berkshire experienced significant declines.  The ongoing challenges of high building costs and strict codes make it difficult to address the demand for workforce-priced housing.

As building costs remain uncertain, monitoring permits and construction opportunities is critical to meeting the pent-up demand for homes in popular price ranges.

Commercial number of sales were down 19, dollar volume down 18%

The nationwide commercial market has faced significant challenges since the pandemic, influenced by work-from-home trends and business closures. This volatility has resulted in fluctuating sales, with increases in 2021, a dip in 2022, and a recovery in 2023. Entering 2024, expectations were uncertain, and the year ultimately saw double-digit declines in both the number of commercial properties sold and their overall value. These decreases were largely driven by struggling commercial markets in Northern and Southern Berkshire. In contrast, Central Berkshire saw an uptick in sales compared to the previous period.  Note: This data reflects only commercial sales listed on the MLS for REALTOR assisted transactions.

Full Year PDF Editions: 2024 Year End Market Watch Report | 2023 Year End Market Watch Report | 2022 Year End Market Watch Report | (Note change in regional areas to mirror registry of deeds) 2021 Year End Market Watch Report | 2020 Year End Market Watch Report | 2019 Year End Market Watch Report | 2018 Year End Market Watch  | 2017 Year End Market Watch Report | 2016 Year End Market Watch Report | 2015 Year End Market Watch | 2014 Year End Market Watch | 2013 Year in Review Report | 2012 Year in Review Report| 2011 Year in Review Report