October typically sees the peak of the fall housing market, so it’s a good time to take stock and examine the trends in our towns. Despite rising interest rates leading to warnings about a slowdown or even a market crash, the areas north of Boston are still seeing a robust amount of activity. Always a good indicator of demand, homes have continued to sell for over the list price– on average homes in Lincoln sold for 9% over the list price, and 6% over in Concord. Compared to this time last year, sold prices are up in the majority of the towns we serve – with towns such as Acton and Bedford showing increases of 15% or more. Homes are still moving quickly, with the average days on market falling year on year in Carlisle, Concord and Lexington. In Westford homes spent an average of 22 days on market, which indicates buyers are still moving quickly to secure their dream home. The median house price has also risen in these towns, along with Concord and Winchester – another good indicator that real estate remains a solid investment.
As we move into the final months of the year, inventory is at a healthier level than we’ve seen for a few months. The number of available listings has more than doubled in Concord, and Lexington and Bedford have also seen big increases. This is good news for buyers who spent the earlier part of the year scrambling to view new listings before they sold and getting into competitive bidding situations. There is plenty of time to secure a home before the holidays and be settled in your new place for 2023.
For more information specific to your town, speak to one of our experienced realtors. Whether you are buying or selling, call on the collective expertise of over 160 agents on our team to help smooth the way to your next home.
