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 comparing January of 2023 to January of 2022. The total number of active properties increased by about 11%. However, the total number of homes sold decreased by about 34%. Days on market went from 31 days up to 40, an increase of about 29%. And median sales prices went from $620,000 up to $640,000, an increase of about 3%. (Keep in mind that these stats are usually about two months behind as it takes approximately 60 days for a home to close).
What we're seeing out there in the market today is packed open houses! Many home buyers that decided to put their search on pause have returned to the market for 2023, as we're seeing inflation and interest rates ease. Home buyers out there are now looking at a monthly mortgage payment about $400-$500 less than if they purchased in November. Our message for home buyers and sellers out there is the market is probably stronger than you think! If you're a home buyer out there and you find your dream property and you're into multiple offer situation, keep in mind that there may be someone else right behind you willing to put in a strong offer. And if you're a home seller out there you may not want to wait until the spring to put your home on the market! Sellers that decide to put their home on the market in the winter benefit from low levels of inventory and have all the buyers fighting over their home!
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Andover, North Andover, North Reading, Reading, Stoneham and Wakefield
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