Welcome to our North of Boston monthly market update! We're comparing metrics from November of 2022 to November of 2021 specifically in Middlesex and Essex counties. The total number of active properties dropped by about 5%. The total number of homes sold also fell by about 28%. Days on market or the time it is taking homes to sell went from an average from 27 days up to 31 days, an increase of about 15%. Median sales prices went from $660,000 up to $715,000, an increase of $55,000 or 8%.
So what we're seeing out there now is that some homes are still getting multiple offers and selling within a week. Other homes are staying on the market longer and we're starting to see more price reductions. Many of them are selling without multiple offers. We saw last year that many buyers just simply couldn't get an offer accepted during a period of uncertainty. This year many of them decided to sit on the sidelines and I predict that in 2023 we'll start to see those buyers return to the market. Those hoping for prices to fall however might be disappointed, as prices in the North of Boston area are remaining strong. If you are considering making 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!