The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) increased 15.4% from $546,000 to $630,000 breaking $600,000 for the first time. Sales of 124 were in line with the 5-year average of 122.
81% of SFHs and 65% of condos sold above list price in H1 2021. 34% of SFHs sold at 110% or more of list price (vs 4% in H1 2020) but only 8% of condos.. (more…)
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…)
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) increased 16.5% from $592,500 to $690,000, while sales increased from 59 to 68, exactly in line with the 5-year pre-COVID average.
Following 2 SFH sales over $2 million in H2 2020, there were 3 such sales in H1 2021. 3 out of 4 SFH sales took place over list price, with 28% of all sales (compared with 11% in H1 2020) at 110% or more of list. (more…)
The median price of Single-Family Homes (SFH) sold in Q1 2021increased 11% to $550,000 from Q1 2020, but was in line with the $555,000 in the second half of the year 2020.
Every one of the 34 cities and towns in Essex County saw Year-on-Year (YOY) increases in the median selling price; only 6 of the 34 cities and towns recorded a median SFH price under $500,000, while 3 saw that figure exceed $1 million.
Numbers in any Q, especially Q1, need to be treated with caution: some of the largest apparent increases in median prices occurred on a small number of sales.
The Condo median sales price increased 9.9% to $365,000. In Boston, the median price was very similar to the levels of the last 3 years, during which time the Essex County Condo median price has increased some 20%.