Plymouth County Multi-Family Market: Why the Numbers Aren't Working for Most Buyers This Fall

By Charles King | Published September 28, 2026
Data: MLSPIN, Plymouth County multi-family sales and listings, January 1–September 28, 2022–2026

There are 81 multi-family properties for sale across Plymouth County right now, from Hingham and Hull to Hanover, Marshfield, and Plymouth. That's the most on this date in five years, in a part of Massachusetts that has never had many two- and three-families to begin with. Through September 28, 156 multi-family homes have sold county-wide this year. Higher mortgage rates and a softer fall rental market have produced a simple problem: at most sellers' asking prices, the monthly cash flow doesn't work unless the buyer brings a lot of cash to the closing table.

I've sold real estate on the South Shore since 2012, and this is the widest gap I've seen between what multi-family sellers are asking and what the property's income can support. Here's what the five-year MLSPIN data shows, and what it means if you're thinking about buying or selling.

The Headline Numbers

• 81 active multi-family listings as of September 28, 2026, up 33% from 61 a year ago and more than double the 37 listings in 2023.
• 4.48 months of supply, up from 3.42 in 2025 and 1.87 in 2022. This is the highest level in five years.
• $828,704 average sale price, up 2.6% year over year.
• $283.76 average sale price per square foot, down 2.4%. This is the first year-over-year decline in the five-year period.
• 96.25% of original list price. That's what sellers are receiving on average, the lowest in five years and down from 100.08% in 2022.
• 50 average days on market, compared with 43 in 2025 and 36 in 2022.

Source: MLSPIN, Plymouth County multi-family. Sales figures are year to date, January 1–September 28 of each year. Inventory is as of September 28. Price changes cover the 12 months ending September 28. All price figures are averages.

What Stands Out — and What It Means

Why is multi-family inventory piling up in Plymouth County?

New listings are up modestly: 296 so far this year versus 280 last year. Buyers aren't keeping pace, though. Over the past 12 months, 373 multi-families hit the market and only 217 sold. Only about 22% of available inventory is selling each month, down from roughly 53% in 2022 through 2024. The result is 81 listings sitting on the market, averaging 88 days on market each.

What it means: Supply isn't flooding in. Properties are simply staying on the market longer because buyers can't make the numbers work at current prices.

Are sellers asking more than buyers will pay?

Yes, and the gap is growing. The average original list price on sold multi-families jumped 6.4% this year to $870,456, while the average sale price rose only 2.6% to $828,704. That leaves a gap of about $41,750 between what sellers first asked and what they received, roughly four times last year's gap of about $10,800. The average active listing is priced at $1,002,241, about 21% above the average sale price so far this year.

What it means: Sellers are pricing to where the market was going, while buyers are paying for where it is. The listings that sell are the ones that adjust.

Are multi-family prices actually falling?

It depends on how you measure. The average sale price is still up. But the average sale price per square foot fell from $290.67 to $283.76, the first decline in five years. Buyers are paying more in total dollars for bigger buildings while paying less for each square foot of space.

What it means: On a per-square-foot basis, values have started to flatten. For a multi-family, that per-foot figure is a better read on value than the headline average.

How much are price reductions increasing?

Over the last 12 months, 126 multi-family listings had a price change, up from 97 the year before. That's about one in three listings, compared with roughly one in four in 2022. Days to offer climbed to 39, from 31 last year and 25 in 2022.

What it means: Price reductions have become a normal part of selling a multi-family this year. Sellers who price correctly from day one avoid having to chase the market down.

Is this a distressed market?

No. MLSPIN shows zero short sales and zero lender-owned multi-family sales so far in 2026. Owners aren't being forced to sell. The adjustment is happening through pricing and time on market, not foreclosures.

What it means: Buyers shouldn't expect fire-sale prices. They should expect sellers who are open to a realistic conversation.

Why Don't the Numbers Work for Multi-Family Investors Right Now?

This is the heart of it. Below is a simple model of a two-family bought at Plymouth County's average 2026 sale price, using financing and rent assumptions that I think are reasonable for this fall. Your numbers will differ by town and property, so treat this as an illustration, not a quote.

Assumptions: $828,704 purchase price, 25% down ($207,176), 30-year investment loan at 7.0%, two units renting at $2,600 each, and property taxes at roughly 1.2% of value (this varies by town).

That's about $8,160 a year out of pocket, after putting more than $200,000 down. That's before property management and before any major repairs.

There are three ways to get this deal to break even:

• More cash. Roughly 37% down, or about $309,000, before closing costs.
• A lower price. Around $715,000. That's about 14% below the average sale price and 18% below the average original list price.
• Lower rates. The rate would need to fall to roughly 5.3%.

Here's the investor's version of the problem. This property produces about 5.0% in net operating income relative to its price, which is its cap rate. Borrowing at 7% to buy a 5% return means every borrowed dollar costs more than it earns.

What about an owner-occupant? Say you live in one unit, rent the other for $2,600, and buy with 5% down at an assumed 6.5% owner-occupied rate. Your net monthly housing cost still runs about $3,860, before PMI. That can make sense for the right buyer, but it's not the "the tenant pays my mortgage" story that sold a lot of multi-families in 2021.

What it means: Unless a buyer is investing significant cash, most multi-family listings in Plymouth County are priced above what their rents can support. The sellers who are selling have priced to the income. The ones who haven't are part of the 81.

What Does This Look Like in Hingham, Hull, Hanover, Plymouth, and Marshfield?

The MLSPIN report I'm working from covers the county as a whole, not individual towns. What follows is based on what I'm seeing on the ground this fall.

Hingham has very few multi-families. The ones that trade are usually priced on land value and end-user demand, not rent. Investor math is hardest here because prices per unit run highest relative to what the units rent for. Buyers are mostly people who plan to live in one unit or bring family into the second.

Hull has a real mix of year-round and seasonal renters, and that's where I feel the softer fall rental market first. Flood insurance and coastal exposure can add meaningfully to expenses, which pushes cash flow further negative than the model above shows.

Hanover has limited multi-family stock. Buyers there tend to be multigenerational households and in-law setups rather than pure investors, so condition and layout matter more than cap rate.

Plymouth is the largest town by land area in Massachusetts and has more multi-family options than most South Shore towns. Buyers have more choice here, which means overpriced listings sit.

Marshfield shares Hull's coastal dynamics. Insurance, flood zone status, and seasonal rent swings need to be underwritten carefully before an offer goes in.

What it means: The countywide softening shows up differently in each town. In Hingham and Hanover, it's an end-user market. In Hull, Marshfield, and Plymouth, rental seasonality and insurance costs decide whether a deal works.

What This Means for Sellers in Hingham, Hull, Hanover, Plymouth & Marshfield

If you own a multi-family on the South Shore, price it to what the building earns, not to what a single-family down the street sold for. Buyers this fall are running the numbers line by line, and they have 81 other listings to compare you against. Have your rent roll, leases, utility costs, and recent capital improvements organized before you list. A clean income picture is the fastest way to justify your price.

Timing matters too. The fall and winter rental market is softer, so a vacant unit hurts more now than it would in spring. If a unit turns over, talk to me before you decide whether to list it vacant or leased.

What This Means for Buyers

This is the most negotiating leverage multi-family buyers in Plymouth County have had in five years. Sellers are accepting an average of 96.25% of original list price, and the average active listing has been on the market nearly three months.

Be disciplined about it. Get pre-approved specifically for a multi-family loan, and know whether you're qualifying as an investor or an owner-occupant, because rates and down payment requirements differ. Underwrite every property with real taxes, insurance quotes, and conservative rents. Start with the listings that have been on the market longest; those sellers are usually the most ready to talk.

Fall 2026 Outlook

I expect multi-family inventory in Plymouth County to stay elevated through the winter, as the rental market slows seasonally and rates keep investor math tight. Prices per square foot have already started to flatten. More sellers will likely adjust asking prices toward what rents can support over the next few months. If you own or want to own a multi-family on the South Shore, call me. I'll run the actual numbers on your property with you.

Frequently Asked Questions

How many multi-family homes are for sale in Plymouth County right now?

As of September 28, 2026, there are 81 multi-family properties listed for sale in Plymouth County, up from 61 a year ago and more than double the 37 and 39 listings on the same date in 2023 and 2024. That equals about 4.48 months of supply, the highest in five years. Source: MLSPIN, Plymouth County multi-family listing inventory as of September 28, 2022–2026.

Are multi-family home prices dropping in Plymouth County?

The average multi-family sale price rose 2.6% to $828,704 year to date, but the average sale price per square foot fell 2.4% to $283.76, the first decline in five years. Buyers are paying an average of 96.25% of original list price, down from 99.07% in 2025. Source: MLSPIN, Plymouth County multi-family sales, January 1–September 28, 2022–2026.

Does a multi-family property cash flow on the South Shore in 2026?

At today's average Plymouth County multi-family sale price of $828,704, a two-family bought with 25% down at an assumed 7.0% investment rate and rents of $2,600 per unit runs roughly $680 per month negative in my illustrative model. It takes about 37% down, or a purchase price near $715,000, to break even. Source: MLSPIN, Plymouth County multi-family sales, January 1–September 28, 2026; rate, rent, tax, and insurance figures are illustrative assumptions.

Is it a good time to sell a multi-family home in Plymouth County?

It is a good time to sell only if the property is priced to the income it produces rather than to last year's headlines. Year-to-date multi-family sales take an average of 50 days on market, and 126 listings had a price change in the past 12 months, up from 97 the year before. Source: MLSPIN, Plymouth County multi-family activity, 12 months and year to date through September 28, 2026.

Is it a good time to buy a multi-family home on the South Shore?

For well-capitalized buyers and owner-occupants, fall 2026 offers more leverage than any point in the last five years. There are 81 multi-family listings in Plymouth County, sellers are accepting an average of 96.25% of original list price, and the average active listing has been on the market 88 days. Source: MLSPIN, Plymouth County multi-family data, January 1–September 28, 2026.

How long does it take to sell a multi-family home in Plymouth County?

Multi-family homes sold in Plymouth County in 2026 spent an average of 50 days on market and 39 days to reach an accepted offer. In 2022, those figures were 36 days and 25 days. Source: MLSPIN, Plymouth County multi-family sales, January 1–September 28, 2022–2026.

What is the multi-family market like in Hingham, Hull, Hanover, Plymouth, and Marshfield?

Countywide, multi-family inventory in Plymouth County reached 81 listings as of September 28, 2026, and these five towns reflect that softening in different ways. In my experience, Hingham and Hanover multi-families trade mostly to end users because pricing outruns rents, while Hull, Marshfield, and Plymouth buyers weigh seasonal rental demand and coastal insurance costs. Source: MLSPIN, Plymouth County multi-family listing inventory as of September 28, 2026; town observations are Charles King's, September 2026.

All data sourced from MLSPIN. Multi-family sales and listings, Plymouth County, January 1–September 28, 2022–2026; listing inventory as of September 28 of each year.
Written by Charles King, Charles King Group, Hingham, MA.

Charles King is a lifelong Hingham resident who has sold South Shore real estate since 2012. He leads the Charles King Group, a top-producing real estate team serving the South Shore (Hingham, Cohasset, Scituate, Norwell, Hanover, and surrounding towns), Boston, Cape Cod, Metro West, Northern Middlesex & the Merrimack Valley, and Bristol County. Brokered by Real Broker MA, LLC. Ranked in the top 1.5% of agents nationwide by Real Trends.

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