As the summer draws to a close, the real estate market across the Patriot’s Trail region remains anything but sluggish. In fact, August’s statistics reveal some intriguing shifts in our local towns, underscoring the dynamic nature of the market.
In Winchester, sold prices surged by an impressive 27% compared to August 2023, a testament to the strong demand in this highly sought-after town. On the flip side, Concord experienced a 14% dip in sold prices, but this doesn’t tell the whole story. Despite these fluctuations, median prices are trending upward across all our office towns, indicating a general rise in property values—a promising sign for homeowners.
Even during the traditionally slower summer months, homes didn’t linger on the market for long. The average days to offer dropped overall, with Lexington and Carlisle seeing a significant reduction of 10 days compared to the previous year. It’s clear that buyers are moving quickly to secure their dream homes.
The number of listings sold also saw a substantial increase, with Bedford boasting a 40% year-over-year jump and Westford an impressive 57% rise. Interestingly, Lincoln’s inventory doubled by September 1st, while other towns maintained steady levels. However, as routines return post-summer, we expect an uptick in new listings across all locations in next week or so.
It’s also worth noting that homes continue to sell above list price, with Acton and Lexington seeing properties sell for an average 4% over asking. As we enter the fall season, our agents are gearing up for what promises to be an exciting market. With mortgage rates at their lowest since May 2023 and the possibility of further interest rate cuts on the horizon, the stage is set for an active and competitive fall market.
Be sure to check back next month for a full recap of September’s market activity. In the meantime, if you’re curious about what’s happening in your neighborhood, don’t hesitate to reach out—we’re here to help you navigate this ever-changing market.