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Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of December 2024 indicate an increase in overall real estate activity compared to last year with increases in both the total number of deeds and mortgages recorded.
The Registry of Deeds recorded 8,798 documents in December 2024. This was 10% more than in December 2023 and a 6% increase compared to November 2024.
“In the fall and start of the winter months, we have seen some positive trends in real estate recording activity, which is largely due to a significant increase in the number of mortgages and deeds recorded compared to this period of time last year,” stated Norfolk County Register of Deeds William P. O’Donnell. “It will be interesting to see if this trend continues as we move further into the winter months.”
The total number of deeds recorded for December 2024, which reflects both commercial and residential real estate sales and transfers, was 1,372, up 10% from December 2023 and up 3% from November 2024. This December, 672 commercial and residential properties sold during the month, up 6% compared to December 2023.
“Looking at the second half of 2024, recordings show a sustained increase in the overall number of deeds recorded year over year, reflecting a consistent interest in real estate in Norfolk County,” noted Register O’Donnell. “This indicates that the real estate market is performing decently, particularly in certain neighborhoods and property types in area communities.”
The average sale price of commercial and residential properties for December 2024 rose to $1,762,032, a 102% increase compared to December 2023 and an increase of 82% from November 2024. Moderna's purchase of two properties in Norwood, totaling nearly $370,000,000 has skewed the average sale price. Without these purchases, the average sale price is $1,212,271, an increase of 39% from December 2023. The total dollar volume of commercial and residential sales is also up, increasing by 114% from last year and up 86% from the previous month.
“There is no doubt that Norfolk County is a desirable place to live and work, a credit to all the communities and the municipal staff and leaders who have created such a vibrant area,” stated Register O'Donnell. “However, due to the limited inventory of available property not matching that demand, I think many would agree that it is a difficult market for buyers, especially first-time home buyers.”
In December, lending activity increased compared to the same month a year ago. A total of 1,355 mortgages were recorded in December 2024, up 21% from December 2023, but down 1% from November 2024.
“While average mortgage interest rates have started to creep back up from their late September low they are still below the levels seen this time last year. Despite the recent increase in interest rates some borrowers are still finding these rates appealing.” Register O'Donnell added, “The increase in mortgages can also be attributed to an increase in the number of property sales that took place in December 2024.”
The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In December 2024, there were 6 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, the same number recorded in December 2023. Also, in December 2024, there were 33 notices to foreclose, the first step in the foreclosure process, more than the 26 recorded in December 2023.
“We cannot begin to know all the causes that have contributed to these foreclosures and notices to foreclose, but what we do know is that a number of our neighbors have lost their homes, and even more are dangerously close to losing their homes,” said Register O'Donnell. “We all experience unforeseen events in our lives, and sometimes events beyond our control can have devastating emotional and financial effects, so I would urge anyone struggling to pay their mortgage or who knows someone who is struggling to contact one of the non-profit organizations listed on our website, www.norfolkdeeds.org.”
For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400.
“December's significant increase in the number of documents recorded at the Registry of Deeds compared to this time last year closes out the Norfolk County real estate market for 2024 on a positive note.” O'Donnell continued, “Property sales as well as mortgage recordings were up in December 2024, showing strong growth and demand in area communities. In the coming months, the inventory of available property and mortgage interest rate levels will continue to play a big role in determining the direction of the market.”
