Marblehead 2016 housing market: new record

In 2016 the median price of a Single Family Home (SFH) increased by $23,500, or 4%, to $620,000, the first time the median price in Marblehead has exceeded $600,000 for a year. As in every year since 2000 except 2010 and 2011, the median price was higher in the second half of the year than in the first half.

Sales were in line with those of the two prior years – 248 vs 245 and 239 –  while the number of SFHs for sale on average was much the same as 2015 but down about 25% from 2013 and 2014.

It is important to bear in mind that only around 4% of Marblehead’s more than 6,200 SFHs change hands publicly in any year, but 4% is a reasonable sample, with sales taking place from $300,000 to $4 million.

Median price
The first chart, with the numbers below, shows the median price for the two halves of the year and for the full year. 2016 was the third year in a  row where the median price reached $600,000 in the second half of the year, but the first where the full year exceeded $600,000. (more…)