The best and worst performing real estate markets
I have read a number of articles recently about the best and worst real estate markets but none of them mentioned Essex County. This article corrects that oversight.
The first table follows the pattern of many articles in looking at the extent of the recovery since 2009:
| 2009 | 2014 | Change | |
| Merrimac | $295,500 | $407,500 | 37.9% |
| Newburyport | $400,000 | $515,000 | 28.8% |
| Manchester | $611,500 | $775,000 | 26.7% |
| Topsfield | $446,500 | $564,500 | 26.4% |
| Essex | $409,500 | $511,250 | 24.8% |
| Hamilton | $386,000 | $478,650 | 24.0% |
| Marblehead | $477,500 | $590,000 | 23.6% |
| Lynn | $205,000 | $250,750 | 22.3% |
| Lawrence | $160,500 | $195,450 | 21.8% |
| Salem | $287,500 | $346,750 | 20.6% |
| Salisbury | $282,500 | $340,000 | 20.4% |
| Rockport | $382,000 | $457,500 | 19.8% |
| Groveland | $296,500 | $355,000 | 19.7% |
| ESSEX COUNTY | $318,250 | $380,000 | 19.4% |
| Middleton | $545,000 | $650,000 | 19.3% |
| Saugus | $277,000 | $330,000 | 19.1% |
| Nahant | $400,000 | $475,000 | 18.8% |
| Peabody | $300,500 | $352,750 | 17.4% |
| Gloucester | $328,000 | $383,200 | 16.8% |
| North Andover | $449,900 | $515,000 | 14.5% |
| Beverly | $332,000 | $380,000 | 14.5% |
| Boxford | $515,000 | $587,000 | 14.0% |
| Lynnfield | $479,500 | $543,750 | 13.4% |
| Ipswich | $417,000 | $470,000 | 12.7% |
| Methuen | $250,000 | $280,000 | 12.0% |
| Swampscott | $397,000 | $440,000 | 10.8% |
| Andover | $525,000 | $581,004 | 10.7% |
| Haverhill | $254,900 | $280,000 | 9.8% |
| West Newbury | $480,000 | $524,900 | 9.4% |
| Danvers | $335,000 | $365,000 | 9.0% |
| Wenham | $575,000 | $624,500 | 8.6% |
| Rowley | $425,000 | $460,000 | 8.2% |
| Newbury | $415,500 | $442,450 | 6.5% |
| Amesbury | $297,000 | $311,625 | 4.9% |
| Georgetown | $423,250 | $405,000 | -4.3% |
| Sources: | |||
| MLS, Oliver Reports |
What has happened since 2009 is, of course, only half the story. Th0se numbers do not show how far the individual markets fell from the peak to 2009, so they do not show where the markets stand compared with peak levels.
I have a second table, therefore, which shows just that: 2014 prices compared with 2005, which generally was the peak.
| 2005 | 2014 | Change | |
| Middleton | $556,500 | $650,000 | 16.8% |
| Wenham | $539,950 | $624,500 | 15.7% |
| Newburyport | $467,650 | $515,000 | 10.1% |
| Merrimac | $372,500 | $407,500 | 9.4% |
| West Newbury | $494,950 | $524,900 | 6.1% |
| Topsfield | $532,890 | $564,500 | 5.9% |
| Marblehead | $584,000 | $590,000 | 1.0% |
| Rockport | $459,000 | $457,500 | -0.3% |
| Salem | $349,000 | $346,750 | -0.6% |
| Salisbury | $348,000 | $340,000 | -2.3% |
| Andover | $597,250 | $581,004 | -2.7% |
| Newbury | $455,000 | $442,450 | -2.8% |
| Beverly | $391,750 | $380,000 | -3.0% |
| ESSEX COUNTY | $394,400 | $380,000 | -3.7% |
| Gloucester | $399,000 | $383,200 | -4.0% |
| Manchester | $823,000 | $775,000 | -5.8% |
| Lynnfield | $580,000 | $543,750 | -6.3% |
| Peabody | $380,000 | $352,750 | -7.2% |
| Nahant | $515,000 | $475,000 | -7.8% |
| Saugus | $365,000 | $330,000 | -9.6% |
| Danvers | $405,000 | $365,000 | -9.9% |
| Groveland | $395,500 | $355,000 | -10.2% |
| Boxford | $655,000 | $587,000 | -10.4% |
| Ipswich | $526,950 | $470,000 | -10.8% |
| Hamilton | $539,000 | $478,650 | -11.2% |
| Georgetown | $459,900 | $405,000 | -11.9% |
| North Andover | $589,950 | $515,000 | -12.7% |
| Rowley | $535,000 | $460,000 | -14.0% |
| Lynn | $293,000 | $250,750 | -14.4% |
| Methuen | $329,000 | $280,000 | -14.9% |
| Swampscott | $517,300 | $440,000 | -14.9% |
| Haverhill | $330,000 | $280,000 | -15.2% |
| Amesbury | $375,000 | $311,625 | -16.9% |
| Lawrence | $249,700 | $195,450 | -21.7% |
| Essex | $697,500 | $511,250 | -26.7% |
| Sources: | |||
| MLS, Oliver Reports |
So far, therefore, just 7 of Essex County’s 34 cities and towns have seen prices reach new peak levels, And while the median price in Essex County overall is only 3.7% below the 2005 peak, some 21 cities and towns are showing a greater decline.
As always with statistics, these numbers should be treated as a starting point for analysis. Please contact me if you want a more detailed report on any individual market.
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 Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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