Welcome to our monthly market update! We're taking a look at single family homes sold in the North of Boston area, specifically Middlesex and Essex counties and comparing October of 2022 to October of 202. The total number of active properties dropped by about 11 percent. The total number of homes sold also dropped by about 23 percent. The time it's taking homes to sell on average went from from 26 days up to 30 days, an increase of 15 percent. And median sales prices went from $645,000 up to $675,000, an increase of five percent.
We've definitely seen the acceleration of home prices slow down in this market. If a home is priced right and looks great it is still getting multiple offers, however there are many homes out there that have been sitting on the market for weeks. It's still a seller's market and sellers can still take advantage of high prices, however they do find themselves negotiating a lot more now than what we saw a year ago. If this Market has an opportunity for any pool of buyers out there, it is certainly the move up buyer! Today's market is definitely complicated so if you do have any questions feel free to reach out! We always promise never to push or pull and we'll always give you our best advice! We can be reached at 617-275-3379.
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