Is Needham, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Needham is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Needham was a Seller's Market.

Key Takeaway

Needham is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Needham, MA

How much do homes in Needham, MA cost?

Median Sold Price

$1,421,250

$490/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$42,916(+3.1%)

Key Takeaway

Homes in Needham have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Needham was $1,421,250 in February 2024, up 3.1% from last year, and the median price per square foot was $490.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $370K$355K
-4.1%
2 $573.7K$737.8K
+28.6%
3 $1.0M$1.0M
+2.4%
4 $1.4M$1.4M
+1.2%
5+ $2.2M$2.4M
+7.9%

Summary: Needham housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.1%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 7.9%.

Median Sold Price Compared To Nearby Cities

Wellesley Hills
+10.0%
Needham
+3.1%
Dover
+1.5%
Needham Heights
-0.2%
Wellesley
-1.4%

Housing Supply in Needham, MA

How many homes are available in Needham, MA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5463+16.7%

Summary: The Needham real estate market had 63 homes for sale in February 2024, a 16.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 10
-100.0%
2 24
+100.0%
3 79
+28.6%
4 1617
+6.3%
5+ 2833
+17.9%

Summary: The Needham housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 17.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
126-50.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Needham, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in Needham in February 2024, down by 50.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.

Days on Market for Needham, MA

How long does it take to sell a home in Needham, MA?

Average Sale Time

Feb 2023Feb 2024CHANGE
56 Days30 Days-46.1%

Summary: Homes in Needham had an average of 30 days on market in Feb 2024, down by 46.1% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Needham are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 6 homes were sold in Needham; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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