Welcome to our monthly market update! We're taking a look at single family homes sold specifically in Middlesex and Essex counties for the suburbs north of Boston and comparing August of 2022 with August of 2021. The total number of active properties dropped about 16% and the total number of homes sold also dropped about 10%. Days on market, the time it has taken homes to sell, slightly changed from 22 days up to 24. Median sales prices continue to be on the rise and went from $690,000 up to $730,000, an increase of $40,000 or 6%.
There are a lot of headlines saying that home sales are down. And this is true, but doesn't necessarily paint the entire picture. Overall sales may be down, but inventory levels are also down! After COVID the market was crazy and ultimately unsustainable. Anytime we compare market data to that post-COVID time, it is going to show a slower market. However, we are still in a seller's market. Buyers and sellers need to know that home prices are going up, homes priced correctly are getting multiple offers, and homes priced incorrectly are sitting on the shelf creating opportunities for buyers. If you're considering a move in or out of the suburbs north of Boston, give us a call at 617-275-3379!
Curious about the numbers for your area? Click the link for your town!