The most recent Market Report is in from August 2023! We're excited to share this information with you. We will share a few highlights, as well as the link to the whole report, below. If you have any questions, or want to know how your home stacks up in today's market, we'd love to chat - contact us today!
Highlights from the Middlesex County Market Report, August 2023
The median Sold price has increased nearly 10% compared to August of last year, up about $70K from approximately $715K to $785K.
The number of listings both on the market and sold is down significantly. This time 5 years ago there were nearly 20,000 new listings on the market year-to-date; this time 1 year ago there were approximately 10,000.
Though the increase in List/Sold Price Ratio was small compared to August of last year, homes are still selling over list price, at an average of 103.5% of the list price, indicating that bidding wars are still happening.
The Absorption Rate (number of homes sold in a month divided by the number of homes on the market) is remarkably low - hovering just under 1, the lowest point in the past 12 months - indicating we are still in a strong Seller's Market