Essex County Mid-Year 2024: 10 Towns with Median Prices over $1 mllion
In the first half of 2024, 10 of the 34 cities and towns in Essex County had median prices of more than $1 million, while 5 had median prices under $600,000.
Here is a town by town guide to SFH median price and sales.
And read these recent articles:
The Federal Reserve’s Analysis Paralysis (more…)
Salem Mid-Year 2024 Market Review
The median price of the SFHs sold in Salem in the first half of 2024 reached new highs – again – while the number of sales dropped, especially in Q2.
The median price of the Condos sold also rose, while sales were steady with the 2023 level.
Overall, 55% of Q1 sales and 70% of Q2 sales were over List Price
The median Price per Sq.Ft. can fluctuate Quarter to Quarter, but was consistent with the PSF in the second half of 2023 for SFHs and higher for Condos.
Sales continued at a brisk pace, reflecting both the shortage of supply and the continuing demand. (more…)
Swampscott Mid-Year 2024 Market Review
The median price of the SFHs sold in Swampscott in the first half of 2024 dropped from 2023, while sales were similar to last year’s level.
The small number of Condo sales took place between $450,000 and $3.3 million.
In Q2, 57% of all sales took place over List Price.
The median Price per Sq.Ft. can fluctuate Quarter to Quarter, but was similar overall in H1 2024 compared with 2023.
The pace of sales slowed a little in Q1 before speeding up again in Q2. (more…)
Essex County Mid-Year 2024 Market Review
The median price of the SFHs sold in the 34 cities and towns in Essex County in H1 2024 continued to increase, reaching a new quarterly high. After declining from the 2021 peak level, sales were in line with the prior year.
The median price of the Condos sold was in line with the prior 12 months. Sales, while also well below their 2021 levels, had their best quarter since Q3 2022.
The record of sales taking place above List Price continued in 2024, with 50% of Q1 sales and 66% of Q2 sales, for SFs and Condos combined, above List Price.
The median Price per Sq.Ft. increased, especially in Q2. Sales continued at a brisk pace, reflecting both the shortage of supply and the continuing demand.
(DTO- Days To Offer – the number of before an accepted offer is received.) (more…)
July Housing Inventory and H1 Sales to List Price
The inventory of Single Family Homes (SFH) has increased sharply since April , taking the level to its highest in 4 years:
On the other hand, while Condo Inventory has also increased significantly since April, the July level is little more than half the July 2020 number. (more…)
Housing Inventory at highest level since 2020
The inventory of Single Family Homes (SFH) more than doubled from April to June, taking the level to the highest level in June since 2020:
Condo Inventory increased 60% from April to June and also reached the highest level in June since 2020:
And these recent articles:
Marblehead House sell for $1.2 million OVER List Price
Marblehead Q1 2024 Market Summary
Swampscott Q1 2024 Market Summary
Salem Q1 2024 Market Summary
Essex County Q1 2024 Market Summary
How was MY assessment calculated? Q&A with Marblehead Assessor Karen Bertolino
My Marblehead Current article on Property Taxes
Marblehead FY 2024 Property Tax Explained
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
““If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
“Thank you for the wonderful, wonderful job you do for the community (explanation of property tax process and calculation) – it is so helpful and so clearly explained.”
Essex County Q1 2024 Market Summary
The median price of the SFHs sold in the 34 cities and towns in Essex County in Q1 was well ahead of last year’s Q1- but lower than those for the other 3 Quarters of 2023. Sales were steady, but Q1 is usually the lowest of the year and, therefore, the median price is not necessarily an indicator of where median prices will end for the whole year.
The median price of the Condos sold showed a similar pattern, while sales dropped further.
The median Price per Sq.Ft. can fluctuate Quarter to Quarter. Sales continued at a brisk pace, reflecting both the shortage of supply and the continuing demand.
(DTO- Days To Offer – the number of before an accepted offer is received.)
Please contact me for a market report for your property.
617.834.8205
Andrew.Oliver @Compass.com
OliverReportsMA.com
Licensed with Stuart St. James in Massachusetts
Licensed with Compass in Florida
SALEM 2023 MARKET REPORT and 5-YEAR REVIEW
The many attractions of Salem continue to attract buyers, especially younger buyers moving out of Boston. Perhaps surprisingly in a time when mortgage rates have more than doubled, sales have continued to be brisk, and in every month in 2023 from April onwards more than 50% of sales have taken place over list price.
Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell in any quarter, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property.
Go HERE to download a pdf of this report and HERE to download my Essex County report.
Median Price and Sales
The median price of the Single Family homes sold in Salem increased 39% from $431,250 in 2019 to $600,000 in 2023, a slight decrease from $611,000 in 2022. Sales dropped slightly from 2019 to 2022, but fell sharply in 2023.
The median price of the Condos sold increased by 37% from $355,000 in 2019 to $485,000 in 2023. Sales started to fall in the second half of 2022 and were also down sharply in 2023.
Single Family Sales by Price
Another way to look at sales is the distribution by price. (more…)
ESSEX COUNTY 2023 MARKET REPORT and 5-YEAR REVIEW
Go HERE to download a pdf of this report
Median Price and Sales
The median price of the Single Family homes (SFH) sold in Essex County increased 44% from $475,000 in 2019 to $684,000 in 2023. Sales declined slightly from 2019 to 2021, but dropped sharply in 2022, and again in 2023, when they were almost 40% lower than in 2019.
The median price of the Condos sold increased by 40% from $320,000 in 2019 to $446,500 in 2023. Sales followed a similar pattern to that for SFHs, declining 30% from 2019 to 2023.
Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 55% of SFH sales were under $500,000, and by 2022 that had dropped to just 16%. Conversely, the share of sales over $750,000 went from 13% to 35% in the same period. (more…)
SWAMPSCOTT 2023 MARKET REPORT and 5-YEAR REVIEW
Swampscott’s focus on controlling its expenditures and hence the property tax rate has brought increased buyer interest in recent years, with two-thirds of all sales in 2023 being at or above list price.
As elsewhere, the shortage of inventory was a major factor in both price increases and the speed of sales in 2023, despite the more than doubling of mortgage rates.
Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell, which is why the trend is more important than the exact numbers. Go HERE to download a copy of this report.
If you are thinking of selling, please contact me for a current market analysis for your property.
Median Price and Sales
The median price of the Single Family homes sold in Swampscott increased 45% from $590,000 in 2019 to $855,000 in 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again, sharply, in 2023.
The median price of the Condos sold increased by 28% from $345,000 in 2019 to $440,000 in 2023, with sales following a similar pattern to that for SFHs.
(more…)
MARBLEHEAD 2023 MARKET REPORT and 5-YEAR REVIEW
Just as in prior periods of housing market strength, the market in Marblehead saw a steady – rather than spectacular – increase in prices during the boom days of asset price increases, which were fueled by cheap credit, during and after the pandemic.
The reasons are as old as the town itself: Marblehead is a great place to live and bring up children, which is why people stay in their houses longer than they do elsewhere. Add to that, WFH (Work from Home), making the commute to Boston less of an issue.
The more than doubling of mortgage rates has also been a major factor in encouraging people to stay in their existing homes, further reducing the supply of homes for sale.
Finally, fluctuations in median prices can and do occur when the numbers are small, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property. Go HERE to download a pdf of this report and HERE to downlaod my Essex County report.
Median Price and Sales
The median price of the Single Family homes sold in Marblehead increased 34% from $717,500 in 2019 to $964,875 in 2023, and by 3% from 2022 to 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again in 2023. (more…)
Essex County Q3 2023 Market Report
The median price of the Single Family homes sold in Essex County increased 35% from $475,000 in 2019 to $640,0000 in 2022, and to $680,000 through Q3 2023. Sales were quite steady from 2019 to 2021, but dropped sharply in 2022, and again YTD in 2023.
The median price of the Condos sold increased by 34% from $320,000 in 2019 to $429,900 in 2022, and to $450,000 YTD Q3 2023. with sales following a similar pattern to that for SFs.
Go HERE to read a copy of the full report
And these recent articles:
Why Mortgage Rates will fall in 2024
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT (more…)
October Inventory shows Sharp Jump from September
Overall Inventory in Essex County has been on a roller-coaster this year in terms of comparison with a year ago.
Single Family Homes (SFH)
In the early months SFH was up 50% or more from the extremely low levels in 2022. By the summer, YOY inventory was down by around 1/3. October showed an increase of 1/3 from September 1, bringing the YOY deficit to just 11%.
Condos
Condo inventory showed a similar, if less exaggerated, pattern. The 45% increase from September to October brought inventory levels in line with 2022’s, but still well below those in 2020 and 2021.
(more…)
No signs of improvement in Housing Inventory
Single Family Homes (SFH)
SFH inventory did not have the usual early summer bump this year and is now running 25% below last year’s level:
Condos
Condo inventory is even more depressed and is now 45% lower thn it was in 2021:
(more…)
June Sales in Swampscott mostly At or Over List Pricce
11 of 15 sales in Swampscott in June were at or above List Price:
And these recent articles:
Marblehead Mid-year 2023 Market Stats
Swampscott Mid-year 2023 Market Stats
Salem Mid-year 2023 Market Stats
Economic and mortgage commentary
Two signs Inflation is Slowing (more…)
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