The Market Snapshot presents the most recent market stats, compared to the past 3 months of available market statistics. These numbers are different than the more comprehensive Market Report below.
The most recent Market Report is in from October 2023! Curious about what's going on in the local market? Above is a snapshot of the latest market stats from October, and below is a full report of market activity from September 2023. 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, October 2023
The median Sold price has increased 11% compared to this time last year, up from $675K last year to $750K this year.
The number of new listings on the market has been nearly slashed in half over the past five years. This is a major factor contributing to why we're still in a Seller's market, despite the current rising interest rates and economic uncertainty.
Homes are still selling over list price at an average of nearly 103%; in fact, there has been a slight (1%) uptick in List-to-Sale Price Ratio since this time last year.
Inventory is still remarkably low. The Absorption Rate (number of homes sold divided by number of homes on the market) is at its' lowest point in the past year. In a normal market, there should be 6 months of inventory on the market, but the current Absorption Rate is indicating there is less than 2 months, pointing to a strong Seller's market.
Sold Prices are up, inventory is low, competition is high - if you're thinking of selling, don't miss this opportunity! Reach out to us today to find out what your home is worth!