Norfolk County Real Estate activity on the rise: November 2024 records show gains in deeds and mortgages

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of November 2024 indicate an increase in the total number of deeds and mortgages recorded as compared to November 2023.

The total number of deeds recorded for November 2024, which reflects both commercial and residential real estate sales and transfers, was 1,333, up 5% from November 2023 and down 7% from October 2024.

“In the past five months, recordings show a sustained increase in the overall number of deeds recorded year over year, reflecting a consistent interest in real estate in Norfolk County,” noted Norfolk County Register of Deeds William P. O’Donnell. “This indicates that the real estate market is performing well, particularly in certain neighborhoods and property types in Norfolk County.”

In November, lending activity also increased compared to the same month a year ago. A total of 1,372 mortgages were recorded in November 2024, up 17% from November 2023 and down 10% from the previous month.

“While average mortgage interest rates have started to creep back up from their late September low they are still below the levels seen this time last year. Despite the recent increase in interest rates, the market continues to draw in prospective homebuyers and borrowers.” Register O’Donnell added, “The trajectory of average mortgage interest rates will likely play a role in determining the number of individuals seeking to take out new mortgages or refinance existing mortgages.”

The Registry of Deeds recorded 8,336 documents in November 2024. This was 3% less than in November 2023 and a 13% decrease compared to October 2024. Following JPMorgan Chase’s acquisition of First Republic Bank last year, November 2023 saw an uncharacteristic number of over 350 mortgage assignments recorded, slightly skewing the percentage of the total number of documents recorded for November 2024 compared to November 2023. The adjusted number shows a 1% increase in real estate activity in November 2024 compared to this time last year.

“It is encouraging to see that mortgage and deed recordings, the bulk of the documents recorded at the Norfolk County Registry of Deeds, continue to show increases year over year. It will be interesting to see if this trend continues as we move into the winter months,” stated Register O’Donnell.

The average sale price of commercial and residential properties for November 2024 rose to $969,585, a 1% increase compared to November 2023 but a decrease of 15% from October 2024. The total dollar volume of commercial and residential sales is down, decreasing by 2% from last year and down 26% from last month.

“There is no doubt that Norfolk County is a desirable place to live and work. It is a credit to all the communities and the municipal staff and leaders who have created such a vibrant area to live and work,” stated Register O’Donnell. “However, due to the limited inventory of available property not matching that demand, I think many would agree that it is a difficult market for buyers, especially first-time home buyers.”

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In November 2024, there were 2 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, less than the 5 recorded in November 2023. In November 2024, there were 26 notices to foreclose, the first step in the foreclosure process, less than the 27 recorded in November 2023.

“There is no question that this reduction in the number foreclosures is good news. With that said, we cannot forget that foreclosure activity has a human face associated with it, and there are still a number of our neighbors who have lost their homes, and even more are dangerously close to losing their homes,” said Register O’Donnell. “I would urge anyone struggling to pay their mortgage or who knows someone who is struggling to contact one of the non-profit organizations listed on our website, www.norfolkdeeds.org.”

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.

“November continued to show growth and demand in the real estate market, with increases in both mortgage and deed recordings,” concluded O’Donnell. “In the coming months, the inventory of available property and mortgage interest rate levels will likely play a big role in determining the direction of the market. Buyers, especially first-time home buyers, may continue to face challenges in finding affordable properties due to the high demand and limited inventory.”

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].