Essex County 2015 Housing Market Review

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The SFH market in Essex County continued its recovery in 2015, with the median price increasing by 3% and sales by 10%. Both numbers are just below their prior peaks.

Median Price
The median price increased 3% in 2015 and is now just 1% below the 2005 peak.

Essex County_SFH_2005_2015_R

Essex County_SFH_H_dollar_R

There are always quarterly fluctuations, but for the seventh year in a row the highest median price was recorded in Q3.

Essex Median_Q_R

Sales
Sales have bounced almost 50% from their great recession lows and were almost back to the 2004 peak.

Essex SFH Sales_R2

Summary
2015 was another solid year in the recovery of the housing market in Essex County. With the Massachusetts economy strong – and the pending move of GE to Boston can only help – and mortgage rates still below 4%, the outlook for 2016 is for another year of increasing prices, which will very likely reach a new high.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].

Read Which broker should I choose to sell my home?

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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