Median Price and Sales
The median price of the Single Family homes sold in Swampscott increased 34% from $590,000 in 2019 to $790,000 in 2022, and further to $840,000 through Q3 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again YTD in 2023.
The median price of the Condos sold increased by 20% from $345,000 in 2019 to $415,000 in 2022, and to $440,000 through Q3 2023, with sales following a similar pattern to that for SFs.
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 this year being at or above list price.
Just as in prior periods of housing market strength, the market in Swampscott 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 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.
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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).