Grafton, MA - Real Estate Trends Analysis by Key Prime Realty

The Grafton, Massachusetts real estate market has shown significant appreciation and remains highly competitive in 2024. Home prices have increased substantially over the past year, making it an attractive market for sellers but potentially challenging for buyers.Price Appreciation:
Grafton has experienced remarkable price growth, with the median home sale price reaching $572,000 in May 2024, a 13.9% increase from the previous year. This trend is even more pronounced in North Grafton, where prices surged by 52.2% year-over-year, with a median sale price of $625,000. The average home value in Grafton is $583,643, representing a 9.4% increase over the past year.Homes for Sale:
As of May 2024, there were 66 homes for sale in Grafton, a slight increase of 1.5% from the previous month. The inventory varies by bedroom count, with 3-bedroom and 4-bedroom homes showing the most significant increases in availability. Despite the slight uptick in inventory, the market remains competitive, with homes receiving multiple offers and selling quickly.Market Competitiveness:
The Grafton housing market is described as “most competitive” by Redfin, with homes receiving an average of 4 offers and selling in around 21 days. Many properties sell above the list price, with hot homes going for about 9% over asking and pending in just 7 days. In North Grafton, the market is even more competitive, with homes selling for an average of 4% above list price and going pending in about 19 days.What Buyers Should Look Out For: 

1. Fast-moving market: With homes selling quickly, buyers need to be prepared to act swiftly when they find a property they like. 
2. Multiple offers: Be ready to compete with other buyers, as most homes receive multiple offers. 
3. Above-list pricing: Many homes are selling above the asking price, so buyers should be prepared to potentially offer more than the listed price. 
4. Waived contingencies: In this competitive market, some buyers are waiving contingencies to make their offers more attractive. 
5. Price variations by bedroom count: Larger homes (4+ bedrooms) have seen the most significant price increases, so buyers should consider their space needs carefully. 
6. Seasonal trends: The number of homes sold increased by 33.3% from April to May 2024, suggesting potential seasonal fluctuations in the market. 
7. Location differences: There are variations in price and competitiveness between different areas of Grafton, such as North Grafton and South Grafton. 

In conclusion, the Grafton real estate market is experiencing strong growth and remains highly competitive. Buyers should be prepared for a fast-paced market with above-list pricing and multiple offer situations. While the market favors sellers, the recent slight increase in inventory may provide some opportunities for well-prepared buyers. Browse the latest homes for sale in Grafton and find your dream home.