How much does it cost to live in each town in Essex County?

This chart shows the median price of the Single Family Homes sold in each of the 34 cities and towns in Essex County in the first 8 months of 2021, together with Condo prices overall in Essex County, Boston and Massachusetts. Read my comments below the chart:

With the strength of the market over the last year or so, it is important to understand that properties are available at a wide range of prices in Essex County.

Over the years I have said to my sons that sometimes you know where you are going and it is like sailing with a tailwind – and sometimes you have to tack. Maybe right now you can’t afford Marblehead, but you can afford Salem and in a few years, as your circumstances improve, you may be able to afford Marblehead. So you tack.

The other thing – and I think this is really important – is the understand what the median price means. Let’s take Marblehead as an example. The median price YTD is $821,500 on 142 sales. That does NOT mean that you have to pay $821,500 to live in Marblehead. What it DOES mean is that, while there were more than 70 houses which sold for more than $821,500, there were also more than 70 houses that sold for LESS than $821,500.

I have mentioned Salem, but Beverly is another dynamic and vibrant town. The median price of 196 sales was $625,000 YTD, so again there were over 90 sales BELOW $625,000.

Yes, inventory remains in short supply, but widening the search may just provide a solution. And I do have market reports available for each of the 34 cities and towns so please reach out to me to receive a copy of any ones in which you are interested.

The Facts about Inventory and Home Prices

And read these recent articles:

Team Harborside recognized on America’s Best Real Estate Professionals list
Are mortgage rates heading up or down?
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Naples August Housing Market Review

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 Andrew.Oliver@SothebysRealty.com.

“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . 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, Sale, Beverly, Lynn and Swampscott.”

Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205

www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®

Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.MarbleheadSouth.com

New Listings and Inventory Update

Here are the latest New Listings (the state of inventory is shown later in this article):

 

Click these links for details: (more…)

The Facts about Inventory and Home Prices

Confused by the market? Is inventory on the increase? What about sales? Are New Listings down? And how can sales be steady if inventory is down so much, especially when compared with 2019?

Let’s try to address these questions.
Is inventory on the increase? This chart shows the daily SFH active inventory for Essex County.There was an interesting phenomenon at the end of June. The SF inventory dropped from 477 on June 24 to 315 on July 2. My guess is there were two factors at work- buyers wanting to get an offer accepted before July 4 – and sellers waiting until after that date to list.
There has also been a drop throughout August which may reflect sellers waiting until Labor Day to list. (more…)

Essex County Inventory and Activity update

SFH Inventory as of September 1 dropped slightly from August 1 and still trails historic levels. See the chart and comment later in this article for more details.

Single Family Homes

Housing Inventory

 

Condos (more…)

Latest New Listings and Inventory Report

Here are the latest New Listings (the state of inventory is shown later in this article) :

Click these links for details: (more…)

New Listings and Latest Inventory Report

Here are the latest New Listings (the state of inventory is shown later in this article) :

Click these links for details: (more…)

Is the increase in Inventory for real?

SFH Inventory as of August 1 increased from July 1 but still trails historic levels. See the chart and comment later in this article for more details.

Single Family Homes

Condos (more…)

Housing Inventory – signs of hope?

SFH Inventory as of August 1 increased from July 1 but still trails historic levels. See the chart and comment later in this article for more details.

Single Family Homes

Condos (more…)

Essex County Mid-Year 2021 Market Report

The real estate market in Essex County continued to boom in the first half 2021 (H1 2021), with multiple offers the norm for most properties. The COVID-inspired slowdown in the second quarter of 2020 impacted sales – which were delayed – rather than prices. Thus, while Year- on- Year (YOY) increases in sales are from an artificially low base, the increase in median prices is real.

The median SFH price in H1 2021 broke through $600,000, just a year after reaching $500,000 for the first time.

In H1 2021 only 5 of the 34 cities and towns – Amesbury, Lynn, Methuen, Haverhill and Lawrence – had a median SFH price under $500,000, while 16 had median prices above $750,000. Every town except Middleton saw double digit increases YOY, while Marblehead was the only town where the H1 2021 median SFH price was lower than in H1 2020.

The median condo price increased more modestly, increasing by “only” 12.1% YOY to $379,000.
(more…)

New Listings before July 4

Just a handful of New Listings before the Fourth:

Click on these links for details: (more…)