Norfolk County Real Estate activity on the rise in 2024

Norfolk County Register of Deeds William P. O’Donnell reports that Norfolk County recordings for 2024 show greater real estate activity compared to 2023 with increases in both the total number of deeds and mortgages recorded.

In 2024, there were 103,165 documents recorded at the Norfolk County Registry of Deeds, a 1% increase from 2023. July was the busiest month in 2024 for real-estate activity with a total of 9,827 documents recorded. It also tied August with the highest increase in document volume compared to their respective months in 2023, up 14%.

“In 2024 we began to see some positive trends in real estate recording activity, with nine out of twelve months showing a rise in document recordings compared to 2023,” stated Norfolk County Register of Deeds William P. O’Donnell. “This higher volume of activity in 2024 is largely due to an increase in the number of deeds and mortgages recorded compared to 2023.”

The number of deeds recorded in 2024, which reflect real estate sales and transfers, both commercial and residential, was 15,795 an increase of 4% from 2023. The number of property sales was also up increasing 1% from the previous year. With a total of 899 transactions in one month, July had the highest number of property sales in 2024. Comparing months in 2023 to months in 2024, August showed the largest rise in property sales with an increase of 20%.

“The overall number of deeds recorded monthly in 2024 compared to 2023 reveals a consistent positive trend, with only two months out of the twelve showing fewer deed recordings than the previous year,” noted Register O’Donnell. “This indicates that the real estate market is performing decently, particularly in certain neighborhoods and property types in area communities.”

Property sale prices for 2024 appear to have increased slightly compared to 2023. The average sale price for all of Norfolk County, both commercial and residential, this year was $1,149,809 a 6% increase from 2023. December 2024 saw the largest increase from the same month in 2023, up 39%. The total dollar volume of commercial and residential sales for 2024 is also up, increasing by 7% from one year ago.

Follow this link to the Registry of Deeds website to watch this short segment on December 2024 real estate statistics that aired on Norwood Community Media: https://www.norfolkdeeds.org/news-event/december-2024-real-estate-stats-ncm

“There is no doubt that Norfolk County is a desirable place to live and work, a credit to all the communities and the municipal staff and leaders who have created such a vibrant area,” stated Register O’Donnell. “While many Norfolk County communities increased construction of new homes in 2024 the inventory of available property remains out paced by the demand, which can make it a difficult market for buyers, especially first-time home buyers.”

In 2024, Overall, Norfolk County’s lending activity increased compared to 2023. A total of 15,461 mortgages were recorded in 2024, up 6% from 2023. October had the largest increase in mortgage recordings compared to the same month in 2023, up 30%.

“2024 saw the average mortgage interest rate come down slightly, especially in late September and early October, and while rates may not have decreased as much as some would have liked, many individuals took advantage of the opportunity to refinance or take out new property loans resulting in a net increase in mortgage recordings in 2024 compared to 2023,” stated Register O’Donnell.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In 2024, there were 87 foreclosure deeds recorded, as a result of mortgage foreclosures taking place in Norfolk County, whereas in 2023, there were 73 recorded. Also concerning is in 2024, there were 380 notices to foreclose, the first step in the foreclosure process, compared to the 339 recorded in 2023.

“We cannot begin to know all the causes that have contributed to these foreclosures and notices to foreclose, but what we do know is that a number of our neighbors have lost their homes, and even more are dangerously close to losing their homes,” said Register O’Donnell. “We all experience unforeseen events in our lives, and sometimes events beyond our control can have devastating emotional and financial effects, so 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.

“Over all the real estate market remained steady in 2024 with a slight rise in activity in the second half of the year compared to 2023.” O’Donnell continued, “As we move into 2025 we hope to see real estate activity continue to rise as we wait to see how mortgage interest rates and the inventory of available property impact the real estate market.”

To learn more about these and other Registry of Deeds events and initiatives, “like” us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.

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].