Al’s Market Watch January 2025

January, 2025

2024 Bridgewater Real Estate Market Review – July Thru December

There were 265 homes sold in Bridgewater during the second half of 2024, up 26.2 percent from the second half of 2023. The large majority, 99 or 75.1 percent, were single family units. The remaining 66, or 24.9 percent were condos or town homes.     For the second half year 2024, the average selling price for a home (condo, town home, single family) was $744,571. That is an increase of approximately 7.1 percent from the second half 2023 figure of $695,049. Similarly, the median selling price for the second half 2024 jumped 16.2 percent, going from $647,500 in 2023 to $720,000 in
2024. During just December 2024, the average selling price for a home was $765,767 and the median price was $699,000. The average price was a 15.3 percent increase from the 2023 December price of $663,896 while the median price rose 3.9 percent over the prior December median price of $672,500.
One of the biggest surprises came in the smaller room sized homes. For homes with two bedrooms (mostly condos and town homes), the average price for the second half of the year decreased 1.9 percent, going from $429,202 in 2023 to $421,134 for 2024. The median price also showed a decrease, dropping 2.1 percent from $413,799 in 2023 to $405,000 in 2024. During just December 2024, the average and median price for a two bedroom home was both $462,500. That is an increase from the December 2023 average and median price of $433,944 (6.6 percent) and $410,000 (13.4 percent).
Homes with three bedrooms did show yearly gains. The average selling price for a three bedroom home during the second half of 2024 was $637,620, an increase of 10.3 percent from the average 2023 price of $577,827. The median price rose 10.5 percent, going from $570,000 during the second half of 2023 to $630,000 during 2024. During just December 2024, a three bedroom home had an average selling price of $656,878, and a mean selling price of $622,500. That is a 4.2 percent increase from the December 2023 average selling price of $630,500, but a 5.8
percent decrease in the median selling price of $661,000.
Four bedroom homes increased with an average selling price of $870,586 during the second half of 2024, a 12.1percent increase from the 2023 average selling price of $776,619, while the median price increased 9.9 percent, going from $765,000 during 2023 to $840,806 this past half year. In the month of December 2024, the average selling price was $928,563 compared to $864,667 the year prior, a 7.4 percent increase. The median price in December increased a modest 1.9 percent, from $838,000 in 2023 to $853,750 in 2024.

For five plus bedroom homes, the average selling price for the second six months of 2024 was $1,059,460, an increase of 3.1 percent over the 2023 figure of $1,027,193. The median selling price showed a 12.6 percent rise, going from $910,000 during 2023 to $1,025,000 during 2024. During just December 2024, the average price for a five plus bedroom home in Bridgewater was $940,167, increasing 9.1 percent from $862,000 in December 2023. Similarly, the median price jumped 1.9 percent. The December 2024 median price was $878,500 while the 2023
price was $862,000.
The time homes stayed on market, or days on market (DOM), decreased from the second six months of 2023 to 2024. DOM refers to the time a home is first listed till it finishes the attorney review period. It does not mean till the closing date. During the two time periods, the average days on market decreased from 29 during the second half of 2023 to 27 in 2024. Days on market for five plus bedroom homes dropped drastically from 48 the second half of 2023 to 27 in 2024. Four bedroom homes saw an increase going from 26 to 29 days. Days on market for three bedroom homes increased from 23 in 2023 to 25 in 2024, while two bedroom homes saw its time on market go from 24 days up to 25 days. During December of 2024, DOM for all homes stood at 36, a substantial increase from the 2023 DOM of 25.
Sale price to list price (SP/LP) and sale price to original list price (SP/OLP) showed a slight increase between the second half of 2023 and 2024. Homes sold at 103 percent of final list price (SP/LP) during the second half 2023, compared to 104 percent during 2024. Similarly, homes sold at 103 percent of SP/OLP in 2024, up from 102 percent during the half year prior. Three bedroom homes sold at the highest, SP/LP at 105 percent during the second half 2024 versus104 percent in 2023. Two bedroom homes sold at 103 percent in both 2023 and 2024. Four bedroom homes rose from 103 percent in 2023 to104 percent in 2024. Five plus bedroom homes also increased from 102 percent during the second half year 2023 to103 percent in 2024. SP/OLP in each bedroom group showed similar movements.
During the month of December for 2024, SP/LP for all homes sold was 103 percent. This compares to 104 percent for the month in 2023. Four and five plus bedroom homes sold at the highest SP/LP ratio at 104 percent. Two bedroom homes sold at 95 percent for SP/LP while three bedroom homes sold at 103 percent. For SP/OLP, two bedroom homes sold at 90 percent, three bedrooms at 102 percent, four bedrooms at 101 percent and five plus bedrooms also at 101 percent. For all homes during December, SP/OLP was 101 percent.
At the end of December 2024, the supply of available homes was 1.1 month’s supply. This compares to 1.14 month’s supply at the end of December 2023, 1.62 month’s supply at the end of December 2022 and, for comparison, 3.94 month’s supply at the end of December, 2019. The importance of month’s supply of available homes has been discussed at length in Market Watch. Month’s supply is a key contributor to the seller’s market that has characterized the Bridgewater housing market for the past 48 or so months. And it will continue to overshadow the market unless a significant amount of homes are made available for resale or built. Remember, a balanced market where supply matches demand has a six to seven month’s worth of available homes. Right now we are far from balancing that equation.