Median Price and Sales
The median price of the Single Family homes sold in Marblehead increased 31% from $718,500 in 2019 to $938,0000 in 2022. Sales were steady from 2019 to 2021, but dropped in 2022, and again YTD in 2023. The YTD 2023 median price is $964,750, up 4% from 2022 YTD.
The median price of the Condos sold increased by 38% from $398,900 in 2019 to $550,000 in 2022, with sales following a similar pattern to that for SFs. Q3 2023 saw 5 of the 7 sales YTD over $750,000 and, with only 11 sales in the Quarter, this drove up the median price. By contrast, 4 of the 6 sales under $400,000 took place in Q1, driving down the median price. YTD the median price is $575,000, more in line with the 2022 number.
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.
Similarly, Marblehead did not see the correction experienced by other parts of the country in the second half of 2022, as interest rates rose sharply.
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.
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO).
The median price of a Single Family Home (SFH) exceeded $700,000 for the first time in the third quarter. YTD the median price increased 7% to a new high of $656,000. With most of Q4 sales already under agreement, it is quite likely that the median price will exceed $700,000 for the second half of the year. Sales were down slightly YTD, a consequence of the low inventory all year.
After a sequence in which the median exceeded $600,000 in 8 of 11 Quarters, the median price broke through $700,000 in Q3.