Massachusetts Real Estate Commissions: What to Expect in 2024
The Massachusetts real estate market has undergone significant changes in recent years, particularly when it comes to real estate commissions. In 2024, new nationwide policies have reshaped the way commissions are structured, aiming to increase transparency and empower both buyers and sellers.
One of the key changes is that buyers in Massachusetts must now agree in writing to their agent’s commission before touring homes. This gives buyers more control over the negotiation process, as they can discuss and potentially negotiate the commission rate with their agent. Sellers also have more flexibility in negotiating the commission they’re willing to offer to the buyer’s agent.
Another important factor to consider is the current state of the Massachusetts housing market. The median home sale price in the state is $642,300, with a housing supply of 16,430 homes, a 10.4% increase year-over-year. Additionally, 52.2% of homes were sold above the list price, a decrease of 7.8 percentage points from the previous year. These market conditions can influence the negotiation of real estate commissions, as both buyers and sellers may have more or less leverage depending on the local market dynamics.
Overall, the changes to real estate commissions in Massachusetts are designed to create a more transparent and flexible system, empowering both buyers and sellers to make informed decisions about the costs associated with their real estate transactions.
