Norfolk County real estate market stays steady in Q2 2024, reports register O’Donnell

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the second quarter of 2024 (April-June 2024) show consistent trends in overall real estate activity compared to the second quarter of 2023, with a slight drop in property sales but an increase in the total number of deeds recorded. 

The Norfolk County Registry of Deeds recorded 26,623 documents in the second quarter of 2024. This was 3% less than the second quarter of 2023.

“During the recently completed 2024 second quarter, the number of deeds recorded fluctuated in line with seasonal trends,” noted Norfolk County Register of Deeds William P. O’Donnell. “Lending activity has shown some improvement compared to the second quarter of 2024 down only 5% from last year.”

The number of deeds for the second quarter of 2024, which reflect both commercial and residential real estate sales and transfers, was 4,228, an increase of 1% from the second quarter of 2023.

“Real estate sales and transfers have remained steady this quarter when compared to the second quarter of 2023, but despite an increase in total deeds recorded in the second quarter of 2024, the number of available properties on the market is still not able to keep up with demand, leading to a rise in average property sales prices,” said Register O’Donnell.

The second quarter’s sale prices have increased compared to the second quarter of 2023. The average sale price in the second quarter was $1,198,371, a 20% increase from the second quarter of 2023. The total dollar volume of commercial and residential sales is up $2,774,230,226, increasing 18% from the same period a year ago.

“The increase in sale prices reflects the competitive real estate market in Norfolk County due to the desire to live and work in area communities,” Register O’Donnell stated. “With the inventory of available properties in the county and Massachusetts as a whole not being able to meet the demand, any increase in that demand is going to lead to higher real estate values.”

Overall lending activity was down for the second quarter. A total of 4,025 mortgages were recorded this quarter, 5% less than the second quarter of 2023.

“Homeowners who took advantage of lower interest rates in 2020 and 2021 are less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options,” noted O’Donnell.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the second quarter of 2024, there were 18 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the second quarter of 2023, there were 16 recorded. However, in the second quarter of 2024, there were 112 notices to foreclose, the first step in the foreclosure process, more than the 86 recorded in the second quarter of 2023.

“The substantial increase in the number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O’Donnell. “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” said Register O’Donnell.

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400.

Register O’Donnell concluded, “The second quarter of 2024 revealed a steady real estate market that while consistent is feeling the effects of a limited inventory of available properties and contributing to the reduced number of property sales. The demand to both live and work in Norfolk County remains high, which is one factor contributing to the competitive market. An increase in new home construction could alleviate some of the strain, leading to a more balanced market for buyers and sellers alike.”

The Norfolk County Registry of Deeds, located at 649 High St., Dedham, is the principal office for real property in Norfolk County. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities, and others with a need for secure, accurate, and accessible land record information. All land record research information can be found on the Registry’s website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at [email protected].