Norfolk county real estate market holds steady in first half of 2024 amid rising property prices

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the first half of 2024 (January-June) show consistent trends in overall real estate activity compared to the first half 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 48,603 documents in the first half of 2024. This was 3% less than the first half of 2023.

“Lending activity, real estate sales, and transfers make up a majority of the documents recorded at the Registry of Deeds, and during the first half of 2024, these numbers hovered right around the same levels as the previous year,” noted Norfolk County Register of Deeds William P. O’Donnell. “Lending activity in the first half of 2024 continues to show improvement compared to last year, down only 4%.”

The number of deeds for the first half of 2024, which reflects both commercial and residential real estate sales and transfers, was 7,490, an increase of 1% from the first half of 2023.

“Real estate sales and transfers from January through June have remained steady when compared to the first half of 2023, but despite an increase in total deeds recorded in the first half 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 first half’s sale prices have increased compared to the first half of 2023. The average sale price in the first half was $1,128,303, an 18% increase from the first half of 2023. The total dollar volume of commercial and residential sales is up $4,294,322,600, increasing 15% from the same period a year ago.

“The ongoing increase in sale prices indicates Norfolk County’s competitive real estate market, which is driven by a desire to live and work in area communities,” Register O’Donnell stated. “With the county’s and Massachusetts’s inventory of available properties unable to match demand, any rise in demand will result in higher real estate prices.”

Overall lending activity was down for the first half. A total of 6,985 mortgages were recorded this quarter, 4% less than the first half of 2023.

“While lending activity has shown some signs of picking up homeowners who took advantage of lower interest rates in 2020 and 2021 are still 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 first half of 2024, 47 foreclosure deeds were recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the first half of 2023, 42 were recorded. Additionally, in the first half of 2024, there were 202 notices to foreclose, the first step in the foreclosure process, more than the 189 recorded in the first half of 2023.

“The increased 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.

“The first half of 2024 revealed a stable real estate market that, while consistent, remains affected by a lack of available property inventory, resulting in increased competition among buyers and an increase in property prices,” Register O’Donnell concluded. “Norfolk County continues to garner a strong demand from individuals who desire to both live and work in area communities, 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].