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Image courtesy of Norfolk County Registry of Deeds.
2-21-2025 12:05am
2025 Real Estate Market Off to a Promising Start in Norfolk County
Darlene Cancell
Editor
Thanks to Norfolk County Registry of Deeds for sharing this news with Westwood Minute.
Dedham, MA – Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of January 2025 indicate an increase in overall real estate activity compared to last year, including increases in both the total number of deeds and mortgages recorded.
“January is typically a slower month for real estate activity compared to December. However, the key statistic to focus on is the year-over-year increase in activity,” stated Norfolk County Register of Deeds William P. O’Donnell.“Despite a typical seasonal dip from December, the real estate market is performing decently, particularly in certain neighborhoods and property types in area communities," noted Register O'Donnell.
The Registry of Deeds recorded 7,807 documents in January 2025. This was 4% more than in January 2024, but an 11% decrease compared to December 2024.
The average sale price of commercial and residential properties for January 2025 rose to $1,267,251, a 25% increase compared to January 2024, but a decrease of 28% from December 2024. The total dollar volume of commercial and residential sales is also up, increasing by 32% from last year but down 46% from the previous month.
The total number of deeds recorded for January 2025, which reflects both commercial and residential real estate sales and transfers, was 1,152, up 2% from January 2024, but down 16% from December 2024. This January, 508 commercial and residential properties sold during the month, up 5% compared to January 2024.
In January, lending activity increased compared to the same month a year ago. A total of 1,141 mortgages were recorded in January 2025, up 19% from January 2024, but down 16% from December 2024.
“The uptick in both property sales and mortgage recordings may suggest that potential homebuyers are more willing to enter the market, even with higher mortgage interest rates than in previous years," said Register O'Donnell.
“Norfolk County is undeniably a sought-after location for both living and working, thanks to the vibrant communities and the dedicated efforts of municipal staff and leaders,” remarked Register O'Donnell. “However, with the limited property inventory unable to meet high demand, many would agree that the market poses challenges for buyers, particularly those purchasing their first home.”
The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In January 2025, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, less than the 11 recorded in January 2024. Also, in January 2025, there were 20 notices to foreclose, the first step in the foreclosure process, less than the 36 recorded in January 2024.
“There is no question that this reduction in the number foreclosures and notices to foreclose is good news. With that said, we cannot forget that foreclosure activity has a human face associated with it, and there are still a number of our neighbors who have lost their homes, and even more are dangerously close to losing their homes,” said Register O'Donnell. “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.”
