C
entral Massachusetts’ residential market, dominated by sellers since 2013, has finally shifted. Current data shows a balanced scene that now leans toward buyers. Cheryl Eidinger‑Taylor, president and COO of ERA Key Realty Services in Northbridge, can be reached at [email protected].
High prices have long weighed on Massachusetts buyers. The median home value sits at $634,548—78 % above the national average of $361,293—leaving many residents with limited options: rent, relocate to a cheaper state, or settle in a less expensive local community.
ERA Key Realty Services’ recent study of Middlesex, Norfolk, Suffolk, and Worcester counties compares the first half of 2025 to the same period in 2024. Inventory for single‑family homes rose 29 % and condominiums 34 %. New listings increased 9 % for single‑family and 14 % for condos. Yet demand has slowed: pending sales grew only 2‑5 %, and absorption rates fell roughly 25 %, with Worcester’s single‑family rate down 26 %.
The surge in supply follows the Federal Reserve’s prolonged zero‑rate policy, which allowed many homeowners to lock in ultra‑low mortgages. As rates climb, the incentive to move wanes, even as Millennials and Gen Z buyers enter the market. This dynamic has pushed average monthly mortgage payments from $1,445 in 2021 to $2,570 in 2024, per The Wall Street Journal.
First‑time buyers, who once represented about a third of purchases, now account for just 24 % in 2024—the lowest share since 1981—while their average age has risen to 38. Although prices remain elevated, the fierce bidding wars that once drove them higher have faded, signaling a more balanced market cycle.
