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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