While it looks like higher interest rates are here to stay, so far it has not adversely affected house prices in the towns on the Patriot’s Trail. The average sold price of single-family homes and condos was up by more than 20% in Winchester and Acton compared with the same period last year. Homes are still selling for more than the list price in most of our office towns, including Bedford and Lexington. Days to offer have almost halved in Concord and Westford, with listings in Bedford and Lincoln accepting offers within a week. All of which shows that they are still many buyers out there who have come to terms with the new mortgage rates and are actively seeking new homes. In fact, it seems that the change in the marketplace has had more impact on sellers – the number of listings sold compared to November 2022 is the down in 5 out of our 7 office towns. So if you too have been hesitant to list your home for worry that it won’t sell, these numbers should provide some reassurance. For more information on the market in your town, and how much your home is worth, contact one of our realtors today. Don’t hesitate for too much longer though – the number of listings on the market has increased on last December. For example, as of December 1st there were 46 single family and condos on market in Lexington – a jump of almost 25%. Getting a jump on the spring market and listing your home when there is less competition for buyers would be a smart move.
