Welcome to our monthly market update! We're taking a look at single family homes sold in March of 2023 and comparing it to March of 2022 specifically for Middlesex and Essex counties. The total number of active properties dropped by about 13% and inventory remains an issue. The total number of homes sold also dropped by about 15%. Days on Market went from 25 days on average up to 41, an increase of 64%. And median sales prices went from $705,000 up to $718,000, an increase of $13,000 or 2%.
Although the data shows that home prices remain stable, we're starting to see the market heat up. Bidding wars are getting competitive again and homes are selling for more money than what we think they would actually appraise for. So if you're thinking about selling your home this year, it's still a good time! If you're a potential home buyer out there, make sure you're giving yourself plenty of wiggle room so if you come across your dream home and you're in a bidding war you can afford over asking. You should be having a conversation with your agent about what happens if the home doesn't appraise. If you're thinking about buying or selling a home in the North of Boston Market give us a call at 617-275-3379 and learn more about our team at ternullorealestate.com.
Curious about the numbers for your area? Click the link for your town!
Andover, North Andover, North Reading, Reading, Stoneham and Wakefield