As we transition from spring to summer, 
the real estate market in towns north of Boston continues to evolve. June 2024 brought some noteworthy changes compared to the same period last year. Here's a detailed look at the key trends shaping the market in Concord, Acton, Westford, Lexington, Bedford, Winchester, and surrounding areas
Days on Market: Homes Moving Quickly
One of the standout trends this June is the reduced number of days homes are staying on the market. In both Lexington and Acton, homes are active for less than 20 days, significantly down from last year. This rapid turnover indicates a brisk market where well-priced homes are snapped up quickly, reflecting strong buyer interest and a competitive environment.
Rising Sale Prices
Sale prices continue to climb, particularly in Acton, Bedford, and Lexington. Acton saw an impressive 15% increase in average sale prices, while Bedford and Lexington also posted substantial gains. These price increases highlight the desirability of these towns and the continued willingness of buyers to invest in these sought-after areas.
Increased Activity
The number of homes sold in Westford and Winchester is up compared to last June. This increase in sales volume signals a healthy market with active buyers eager to secure properties. Westford and Winchester, known for their excellent schools and charming communities, remain popular choices for families and professionals alike.
Pricing Trends: Above List Prices
While sale prices are still exceeding list prices in most areas, the gap has narrowed compared to the highs of last year. In Concord, homes are selling for 3% above the list price, and in Westford, they are 5% above. This trend suggests that homes are being priced appropriately, yet demand remains strong enough to push final sale prices above asking.
More Choices for Buyers
Heading into July, there are more homes on the market compared to the same time last year. This increase in inventory means buyers have more options to choose from, extending the traditionally busy spring market well into the summer. This trend is promising for buyers who might have felt constrained by the limited inventory in previous months.
Looking Ahead
As we move into the summer months, traditionally a quieter time for real estate, we anticipate continued robust activity. The sentiment among both buyers and sellers remains positive. Sellers are capitalizing on the favorable market conditions, while buyers are encouraged by the increased inventory and slightly moderated price growth. However, as always, it pays to be prepared. Buyers should have their financing in order and be ready to act swiftly, while sellers should ensure their homes are market-ready to attract competitive offers.
Keep an eye on our weekly updates for the latest trends and tips to navigate this vibrant market. If you're considering buying or selling, now is an excellent time to connect with one of our experienced agents who can guide you through the process with expertise and local knowledge.