Hello and welcome to our monthly market update! We're taking a look at the North of Boston real estate market, specifically Middlesex and Essex counties for single-family homes and comparing September of 2022 to September of 2021. The total number of active properties dropped about 18%. Total number of homes sold also dropped by about 15%. Days on market or the time it's taking homes to sell went from 23 days up to 28 days, an increase of about 22%. And median sales prices continue to be on the rise and went from $650 000 up to $708,000, an increase of 9%.
Overall, we have not seen home prices come down. However, we have seen the rate of acceleration of home prices definitely slow down. If you are a seller, it's important to know that days on market are increasing, meaning it's taking longer to sell homes. Although, homes that are priced right and look great are still getting multiple offers and selling for over asking. So if you're a potential home seller, preparation and pricing is critical. For buyers, it's important to know your mortgage options. There may be options out there that are favorable to you that you may not be aware of. We are certainly starting to see adjustable rate mortgages come back. If you're looking for a jumbo loan, knowing who to go to certainly helps and also if you are a first time home buyer you may qualify for Mass Dreams, a program where they're offering down payment assistance. This is definitely a tricky market, so if you're looking to buy or sell a home in the suburbs North of Boston give us a call for a no pressure consultation at 617-275-3379.
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