2020 was quite a remarkable year in the housing market north of Boston. As the first lockdown hit in mid-March and we saw the traditional spring market grind to a halt, many of us thought we were looking at an extremely slow year. Yet we adapted to the new circumstances and pivoted to find new ways to help people move - virtual tours, Facebook Live showings, digital brochures, socially-distanced open houses - all designed to keep everyone safe during the pandemic. And slowly but steadily our buyers and sellers came back, until by the summer we were as busy as a typical spring. This trend continued and we saw a steady stream of closings right through to the end of the year, as demand continued from buyers in all of our towns. By the end of 2020 there were more single-family homes sold than in 2019 in virtually all our towns. We also saw average list and sale prices increase, reflecting the high demand for homes in our core areas. Prices were up by 10% or more in Acton and Lincoln. Homes were also selling quicker, again a reflection of limited inventory. Days on market dropped by more than 10% in Arlington and Winchester, and offers were received a staggering 32% faster than the previous year in Westford. An increase in the median price also shows that prices were on an upward turn in towns such as Bedford, Carlisle and Melrose. At the end of the year, the total market volume had increased by more than 30% over 2019 in Lexington and Lincoln, and by more than 20% in Acton, Concord and Westford.
So - what do we think this means for the housing market in 2021? Get in touch if you would like to know more about the housing market in your area. Our experienced agents are happy to give you a complimentary market analysis to help you decide if now is the time to make a move. Whatever happens, we will continue to pivot, adapt our business and invest in tools and technology to be able to serve our clients safely and efficiently.
