Welcome to our July market update! We're taking a look at single family homes sold in Middlesex and Essex counties and comparing June of 2024 to June of 2023. The amount of homes available for sale (inventory) went up by about 18%, and the amount of homes sold went down by 7%. Days on market, or the time it's taking homes to sell went from 26 days on average down to 24. And median sales prices went from $800,000 up to $861,000, an increase of 8%.
In my last video I talked about how buyer intensity has come down. Plenty of people out there believe home prices should fall very soon, but those that study the market say otherwise. Lawrence Yun, the chief Economist for NAR believes there's just simply not enough supply for prices to fall. We are very much still in a sellers market. We have a long way to go before we get to a buyer's market, or even a neutral market for that matter.
For those that are thinking about selling their home, right now is still a great time. Prices have never been higher! However, there are a lot of homeowners out there that have been sitting on the market for 3-5 weeks wondering where all the buyers are. My advice to home sellers is to have realistic expectations; things may not go just as they did for your neighbor that sold 4 years ago. And the other thing is thatdoing the important things matter again! It's important to price your home correctly, take the time to prep your home, and make sure your agent has a solid marketing plan. If you do all those things correctly you are bound for success! If you're thinking about making a move in the suburbs north of Boston give us a call at 617-275-3379!
Follow us