Housing market remains competitive in Waltham, despite slight dip in median house prices, sales in 2024

BY WILLIAM HOLDER
Waltham Times Contributing Writer

Prospective home buyers in Waltham might take some slight comfort in a new report showing home prices stabilized here in 2024 — but they still face a difficult and highly competitive market.

Although the median single-family home price in Massachusetts rose 7.9% to $615,000 during 2024, Waltham bucked that trend, according to a report from the Warren Group, which provides national real estate and transaction data.

The median price of a single-family home in Waltham dropped marginally from $786,000 in 2023 to $785,000 in 2024, essentially flat. Sales declined more significantly from 274 in 2023 to 239 last year, a 12.8% drop.

The decline in sales was also a departure from statewide data, which showed an increase of 2.9% from 40,828 to 42,019 year over year, according to the report.

The market for single-family houses in Waltham is very tight, said Hans Brings, a real estate agent with Coldwell Banker. He cited the 13 single-family homes on the market currently, which is well below normal.

Statistics from the Warren Group back up that view. In 2019, pre-pandemic and prior to the rise in mortgage rates, Waltham saw 332 sales of single-family homes, almost 100 more than in 2024.

The lack of supply does not reflect a lack of demand, according to Brings.

“Almost every weekend we have multiple offers on any given property. There are a lot of buyers looking,” he said. Real estate agents continue to see bids over asking price, and the market appears to be picking up, with prices on the rise.

Joselin Malkhasian, a real estate agent with Lamacchia Realty in Waltham, also cited a highly competitive market with few houses on the market, particularly now, which is the slowest time of the year. One house handled by Lamacchia recently sold for $150,000 over the asking price, and bids over asking are common.

As much as low inventory frustrates buyers, sellers face their own dilemma, she said. Anyone wishing to move faces both high prices and high interest rates, a combination leaving many would-be sellers feeling stuck where they are.

She urged buyers and sellers not to despair. Although new and significantly renovated houses get the most bids, even fixer-uppers are getting multiple offers if they are priced right. By working strategically with a qualified broker, she added, “there are ways buyers can be successful in this market.”

Recent history suggests that prices may rise again. A report presented to the Waltham City Council by the Assessors Department in November showed that since 2016 there has been a steady increase in average single-family home value, rising from $425,000 to nearly $766,000 currently.

The market in Waltham for condominiums remains strong, and buyers will see only modest price relief compared to single-family homes. The Warren Group reported that median prices rose 13.2% year over year to $711,000, with sales increasing 12.2% to 184 in 2024.