The housing markets anywhere are interesting to watch right now. Home buyers are snatching up homes within hours of the listing, and sellers are asking for a higher price. Massachusetts is no exception. Here are some of the current trends characterizing the Massachusetts real estate market.
Median Sales Price
April saw a record-high median sales price for homes in Massachusetts, the price raising to $529,000. This figure is 20% higher than last year. The numbers carry a mixed response. On one hand, sellers can list their property for a much higher price tag, given the competitive and limited market. On the other hand, the high price tags and bidding wars are blocking out potential buyers who can only pay so much. Often, sellers are going with the highest bidder.
The median price has been on an upward trend for the past few years. It is hard to predict how much it will continue to rise.
Houses for Sale
There are about 25% less homes for sale in 2021 compared to years earlier. Since September of 2020, the number of houses listed per week has been slowly on the rise as people are quickly buying houses for sale. A large portion of these houses are newly listed and staying on the market for a median of 17 days.
The stats of the quantity of houses for sale and the time they spend on the market again points to a competitive buying scene. Buyers are closing on sales very quickly on the limited listings available.
Market Participation
Given the competitive nature of the market, it is important to gauge the demand and participation in buying and selling. The most recent data shows that sellers are getting more than their asking price most likely because of multiple bids on the home. Hudson and Arlington are the two most competitive cities.
Single-family homes are in high demand but are low in quantity. This combination of factors drives the price up since buyers are willing to make an offer higher than the asking price to outbid the rest. Sellers, too, are taking advantage of the competition and overpricing their homes.