Barnstable County finished 2023 with only 400 homes for sale, driving continual affordability challenges.
More Homes Needed for Affordability Impact
Interest Rates Must Fall to Free Up Inventory
2023 was an eventful year for real estate, and 2024 is off to quite the start itself. As a brokerage leader, my job is to not only monitor the market for trends that will impact inventory and sales dynamics, but also to scan the business side of the industry to keep my agents ahead of the curve so they can deliver great service to their clients.
In the Cape Cod market, and across Massachusetts, inventory and interest rates are likely to continue to be the biggest challenges encountered by both buyers and sellers in 2024. Rates in the 6 percent to 7 percent range, combined with severely limited inventory in many cities and towns, are the chief drivers of affordability concerns on the buyers’ side. This is compounded by the fact that many homeowners with interest rates in the 3 percent or lower range are understandably reluctant to sell and pay a premium for a new home, even if their current one no longer fits their needs.
