Despite a busy fall with many distractions, the real estate market in the northwest suburbs of Boston still showed improvement year over year. Sale prices for November increased in nearly every town, with Bedford and Westford seeing gains of nearly 40%. Median prices also climbed significantly, up 20% in Bedford and Lexington compared to last November. These figures reflect a resilient market, even as we approach the typically quieter winter season.
Another reason for the increase in prices would be inventory, or rather, lack of it. The number of homes sold is down compared to last November – by almost 40% in Lexington and other towns - perhaps as a result of election-distraction dissuading people from listing their homes. At the same time, many homes are still selling above their list price, though this trend is softening. Concord and Winchester offer a great example of balance: in both towns, homes sold for an average of 100% of their list price, signaling a fair equilibrium between buyer demand and seller expectations.
Looking ahead to December, we’re beginning to see signs of the typical seasonal slowdown, but the impact varies across towns. Concord, for instance, has 50% more homes for sale compared to this time last year, giving buyers more choices. In contrast, Acton’s inventory is down by the same percentage, which could keep competition strong in that market.
As we approach the close of 2024, these shifts remind us of the importance of local expertise. Whether you’re buying or selling, staying informed about market dynamics is key. If you’re considering a move, now’s the time to connect with our team to plan your strategy for the year ahead!
