Welcome to our monthly market update! We're taking a look at single-family homes sold in the North of Boston Market specifically Middlesex and Essex counties and we're comparing December of 2022 to December of 2021. The total number of active properties/inventory remain pretty much the same and only increased by about 0.5%. However, the total number of homes sold did decrease by about 30%. Average days on market went from 27 days up to 31 days, an increase of about 15%. And median sales price went from $672,000 down to $650,000, a decrease of about $22,000 or 3%.
It still does remain a sellers' market. We are certainly seeing some homes sit on the market and eventually have price adjustments. However, homes that are priced right and look great are still attracting a lot of buyers and still receiving multiple offers. There are definitely motivated buyers out there looking and waiting for the right property to come along! In fact, we're starting to see more home buyers entering the market again that may have put their search and pause last year. This is because many believe now that the surge in interest rates are over and we are now in a new normal market! So if you are thinking about buying or selling a home in the North Boston area, give us a call to have a no pressure consultation. We could be reached at 617-275-3379!
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Andover, North Andover, North Reading, Reading, Stoneham and Wakefield
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