Hot off the presses – the complete 2025 1st Quarter Market Watch PDF report, with graphs and town by town historical data can be found here.  In the meantime, here are some highlights:

Residential Sales Up 9% with dollar volume up 16%

The 217 residential sales in the first quarter of this year reflected an increase of 16% in dollar volume to almost $103 million dollars and rose 9% in the number of home sales when comparing the sales rate to last year.  The residential sales pace in the first quarter of 2025 rose in all parts of the Berkshires, with increases in the number of sales, the dollar volume of those transactions and the average selling price of single-family homes.

In the first quarter of 2025, the number of all real estate sales retracted 2% to 320 units sold, but rose 7% in the dollar volume transacted.  These transactions accounted for nearly $138 million dollars of residential, condo, multifamily, mobile home, land and commercial deed transfers.  This is a high since the peak in 2022.

Notably, the sales of single-family residential homes, condos and commercial properties improved in the first quarter of 2025 when compared to last year, but multifamily, mobile home, and land sales fell. Residential sales improved in all regions of the county.   The number of real estate sales during the 1^st quarter is below pre-pandemic rates comparatively, but dollar volume is tracking higher.  A lack of available inventory remains an issue in the residential home market.

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.

Residential Report

Residential sales up 9%, dollar volume up 18%

The number of single-family home sales in the first quarter of 2025 rose by 9% over the previous year, from 200 to 217 transactions.  North County sales rebounded after a challenging first quarter in 2023 and 2024, with an increase of 15% in number of sales and a whopping 42% in the dollar volume.  This dollar volume in northern Berkshire even exceeds the pandemic high sales rates.  The central region had strong sales, up 7% compared to the first quarter last year and a 10% increase in the dollar volume of those sales.  In southern Berkshire, sales rose at a modest 3% pace, with an 8% increase in dollar volume.

Condo Report

Condo sales rose 3%, but dollar volume fell 12%.

Condominium sales in Northern Berkshire rose greatly over the 1st quarter of 2024, with an increase of 25% of units sold and a 93% increase in the dollar volume transacted.  Sales were in Hancock, North Adams and Williamstown. Central Berkshire condo sales retracted slightly when compared to a banner sales pace in the 1st quarter of 2024. Southern Berkshire’s condo market remained stable with no difference in the number of units and similar dollar volume of transactions.   When looking at the full Berkshire County picture, condominium sales rose 3% yet fell 12% in volume.

Multifamily Report

Multifamily sales fell 36% in units sold; -21% in dollar volume

In the first quarter of 2024, multifamily sales were booming in all parts of the county.  This year, however, sales retracted in both Northern and Central Berkshire, with double-digit decreases in the number of units sold and the dollar volume of transactions.  In Southern Berkshire, the market was much different, with the same sales pace as the first quarter of 2024 and a considerable jump in the dollar volume transacted, up 42%.  Despite the upswing in the multifamily market of between 1-5 units in 2024, the average sale price did not rise at all; but this year we see gains of the average selling price of multi-family homes increase in all regions.

Land Report

Land sales down 12%, dollar volume up 57%

The land sales in the first quarter of each year are hard to predict, with warmer months more conducive to testing and site work needed before purchase and with soft ground. We do note that countywide sales decreased by 12% yet the dollar volume increased by 57% to exceed over $3.5 million transacted this year alone.  Land sales in the most recent years remain consistent, but during the pandemic rose considerably.  It is important to maintain a close eye on permits and building opportunities to help alleviate pent-up buyer demand for existing homes in popular price points. It remains incredibly hard to build the needed workforce priced housing with current costs and codes.

Commercial Report     

Commercial Sales up 13%, dollar volume down 20%

Commercial sales continue to fluctuate.  The first quarter of 2025 was stable compared to last year with a 13% gain in the number of properties transferred, but still lower than previous commercial markets. In 2025, the overall national commercial vacancy rate is expected to peak at 19%. Office real estate has the highest vacancy rate at 21%.  Please note that not all REALTOR assisted commercial sales are included in this data, only those on the open market are included in this data.

Full Year PDF Editions: 2025 1st Quarter Market Watch Report

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