Updated: Aug 24
The most recent Market Report is in from July 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, July 2023
The average Sold price has increased since last year a slight 5.6%, up about $10K from approximately $883K to $933K - continuing the trend of continually increasing home prices.
The number of new listings both on the market and sold is down significantly. This time 5 years ago there were nearly 21,000 new listings on the market year-to-date; this time 1 year ago there were over 18,000. This year year-to-date, there is roughly half the new inventory that we saw last year. Low inventory means it's a great time to sell, because there's less competition for the pool of buyers looking for a new home.
Though there was a very small decrease in the List-to-Sold Price Ratio from this time last year, homes are still selling over list price, at an average of approximately 103% of the list price.
The Absorption Rate (number of homes sold in a month divided by the number of homes on the market) is remarkably low, indicating we are still in a strong Seller's Market