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orfolk County Register of Deeds William P. O'Donnell reported that Norfolk County's real estate market showed a strong performance in November 2024, with an increase in the total number of deeds and mortgages recorded compared to November 2023.

    A total of 1,333 deeds were recorded in November 2024, up 5% from November 2023 but down 7% from October 2024. This marks a sustained increase in real estate activity over the past five months, indicating a consistent interest in Norfolk County's real estate market.

    Lending activity also increased in November, with 1,372 mortgages recorded, up 17% from November 2023 and down 10% from the previous month. Despite average mortgage interest rates creeping back up, they remain below last year's levels, drawing prospective homebuyers and borrowers into the market.

    The Registry of Deeds recorded a total of 8,336 documents in November 2024, a 1% increase when adjusted for an uncharacteristic number of mortgage assignments recorded in November 2023. The average sale price of commercial and residential properties rose to $969,585, a 1% increase from last year but a decrease of 15% from October.

    The foreclosure market also showed a positive trend, with fewer foreclosures taking place in Norfolk County. However, Register O'Donnell emphasized the importance of addressing the human impact of foreclosure and encouraged those struggling to pay their mortgage to seek assistance from non-profit organizations listed on the Registry's website.

    Looking ahead, the inventory of available property and mortgage interest rate levels will likely play a significant role in determining the direction of the market. Buyers, especially first-time homebuyers, may continue to face challenges finding affordable properties due to high demand and limited inventory.