Navigating the Current Real Estate Landscape: Market Update

As we approach the end of the year, the real estate market north of Boston is slowing down. Typical for this time of year, we are seeing fewer homes for sale and a dip in the number of eager buyers. But don't be fooled—those charming, well-priced homes are still flying off the shelves, often sparking bidding wars among serious qualified buyers.

Pricing is playing a role right now as well. Homes that are priced too high aren't getting the love they used to, often sitting on the market past the first weekend and eventually seeing price cuts. It's a clear reminder of how important it is to price your home just right in today's market.

Interest rates are another piece of the puzzle, hovering in the 6% range. Some lenders are offering adjustable-rate mortgages (ARMs) in the 5% range, which might be appealing for those looking to keep their monthly payments manageable. Despite these higher rates, there's a silver lining—experts predict the market will pick up steam again after the new year, as long as the weather cooperates.

Right now, many buyers seem to be hitting pause, likely due to the upcoming holidays and the stress of the election season. This could be an opportunity because we all know this break is likely temporary, with activity expected to bounce back once these events are behind us.

Let's dive into some local insights from October:

Andover: This town saw 25 single-family homes sold, with properties typically receiving offers within 18 days. The median sale price was $1,050,000. 

Stoneham: Here, 11 single-family homes found new owners, averaging 20 days to offer, with a median sale price of $785,000. 

Melrose: In this area, 15 single-family homes were sold, with an average of 16 days to offer and a median price of $875,000.

Medford: This market was lively, with 21 single-family homes sold. Homes here spent just 10 days on the market, with a median sales price of $888,000.

Whether you're thinking about jumping into the market now or planning for the new year, keeping an eye on these trends and numbers can help guide your decisions. Above are just a few towns I specialize in and I am happy to share more data on any additional towns you are considering. I would love to help you navigate the changing market!