Election years can make the real estate market unpredictable. The months leading up to a vote can bring a mix of caution and uncertainty, as both buyers and sellers hold off on big moves until the political dust settles. Despite this, the towns northwest of Boston have shown some unexpected growth in the housing market this October, with average sale prices on the rise. Winchester and Lincoln, in particular, have seen remarkable jumps in home values, up by 34% and 51%, respectively. Median prices are also climbing, with Bedford and Westford showing gains of over 20%. Homes are still selling over the list price, though the premium has narrowed since October 2023; for instance, Lexington homes are averaging 4% over ask.
The time homes spend on the market is showing mixed signals, too. Days to offer has halved in Concord, while doubling in Acton. Meanwhile, the number of homes sold varies widely, with Winchester and Carlisle seeing a surge, but Concord and Lexington experiencing a dip. All this variability might hint that the election is having its say in our local market after all, making it hard to pin down whether we’re in a buyer’s or a seller’s market right now.
What we do know is that post-election periods tend to be strong for real estate, and there’s already chatter about an early spring market for 2025. If you’ve been waiting to make your move, this could be your chance. Reach out to one of our trusted real estate advisors today to get prepared for what is shaping up to be an energized market.
