In 2024, Berkshire County saw a slight increase in real estate activity compared to the previous year. Residential, Condo, Multi-family, Commercial, and Land sales rose by 1percent in the number of transactions and 3 percent in dollar volume. Following the pandemic-era buying peaks of 2020-2021, sales had slowed to pre-pandemic levels in 2022 and 2023. However, 2024 marked a modest rebound. Sales of habitable property types—Residential, Condo, and Multi-family homes—experienced increases, while Commercial and Land transactions declined.
- Central Berkshire: Number of sales increased by 5 percent; dollar volume rose by 10 percent.
- Southern Berkshire: Sales grew by 7 percent; dollar volume increased by 1 percent.
- Northern Berkshire: Transactions fell by 10 percent, with a 7 percent decline in dollar volume, returning to 2018-2019 levels.
Berkshire County REALTORS report that while the market has slowed from the pandemic frenzy, inventory shortages continue to challenge buyers. There remain more buyers than properties available in hot price points, yet buyers remain selective and hesitant to purchase properties perceived as overpriced. Factors influencing the market include limited inventory, higher mortgage rates, inflation, nationwide debt, and more cautious buyer behavior. Despite these challenges, real estate remains a critical economic driver in the Berkshires.
Residential Report
In 2024, the number of home sales increased by 2 percent compared to the previous year, rising from 1,112 to 1,133 transactions. North County sales started strong but declined in the third quarter, resulting in a 6 percent drop in single-family home sales—the largest decrease among all regions in the Berkshires.
Meanwhile, both Central and South County saw growth in single-family home sales, with Central Berkshire leading the way, driven by strong market performance in Pittsfield. The annual single-family market reached $546 million in total sales. Additionally, average sale prices continued to climb across the region.
Condominium Report
Condominium sales in southern Berkshire County saw a dramatic rebound in 2024 after a significant decline in 2023. The number of units sold doubled, and the total dollar volume increased by 51 percent, reflecting a strong, positive momentum. However, despite these gains, the average sale price fell compared to last year’s unusually high levels.
In Northern Berkshire, the condo market continued to face challenges. A total of 51 units were sold in 2024, unchanged from the previous year, showing no significant change in transaction volume.
Central Berkshire remained steady in the number of condo sales, but the market saw a notable shift with a 27 percent increase in the average selling price, highlighting strong growth in value for the area.
Multifamily Report
Multifamily sales in 2024 were strong across Berkshire County, with only minor declines in the number of units sold in Northern Berkshire and in dollar volume in Southern Berkshire. Otherwise, the market showed robust performance compared to the previous year.
While sales remain below the pandemic-era highs, the multifamily market appears stable. The average selling price for 1–5-unit buildings increased by 4 percent, reaching a countywide average of $255,307.
Land sales overall down 11 percent, dollar volume down 12 percent
South County land sales surged in 2024, bucking the downward trend seen in other areas of Berkshire County. After several robust years, the land market began to contract in 2022, continuing into 2023. However, 2024 brought a turnaround in South County, with double-digit increases in both the number of parcels sold and the total transaction value.
In contrast, land sales in Northern and Central Berkshire experienced significant declines. The ongoing challenges of high building costs and strict codes make it difficult to address the demand for workforce-priced housing.
As building costs remain uncertain, monitoring permits and construction opportunities is critical to meeting the pent-up demand for homes in popular price ranges.
Commercial number of sales were down 19 percent, dollar volume down 18 percent
The nationwide commercial market has faced significant challenges since the pandemic, influenced by work-from-home trends and business closures. This volatility has resulted in fluctuating sales, with increases in 2021, a dip in 2022, and a recovery in 2023. Entering 2024, expectations were uncertain, and the year ultimately saw double-digit declines in both the number of commercial properties sold and their overall value. These decreases were largely driven by struggling commercial markets in Northern and Southern Berkshire. In contrast, Central Berkshire saw an uptick in sales compared to the previous period. Note: This data reflects only commercial sales listed on the MLS for REALTOR assisted transactions.
Mobile Home Report: Sales Jump in Central and North Berkshire
For the first time in our Market Watch, we are including a report on mobile home transactions. While these transactions involve personal property rather than real estate, mobile homes provide an important housing option, particularly in North and Central Berkshire markets. Understanding this segment helps paint a more complete picture of available housing and solutions for residents seeking affordable alternatives.
Please note: Mobile home data is not included in the overall market reports that encompass all property types as we consider it personal property.
Also please note: The Berkshire MLS also tracks data on business opportunity sales, commercial leases, and, as of 2023, residential long-term rentals (defined as leases lasting more than 30 days).
Click here for the complete report: 2024 Year End Market Watch PDF
