Newburyport is a small, coastal city located in the North Shore on the southern bank of the Merrimack River. This beautiful area has a long, rich history evident throughout the historical seafront area and vibrant tourism industry.
Colonial residences line the banks of Merrimac Street along the river and homes are known for their beautiful flower gardens. Newburyport offers residents and visitors a range of activities including an accessible waterfront and boardwalk, as well as a picturesque downtown shopping district.
Although the area has attracted a significant tourist population, it offers full-time residents a selection of housing and opportunities, with more than half the residences belonging to families, most with young children. Throughout the year there is a focus on cultural events including concerts, and farmers’ markets. Newburyport has a charming small community feel, yet remains vibrant and lively year-round. Located about 37 miles north of Boston, the city has good transportation links by train and highway.
Newburyport experienced an odd phenomena during Q2 2020 – pricing fell by 5.3% compared to Q2 2019, yet price per square foot increased by a dramatic $17.9%. The reason for this is the large number of sales occurring in smaller residences closer to downtown; these homes, though smaller in size, are in high demand due to their proximity to the beach as well as public transportation. No neighborhood on the north shore experienced as large of an increase on a $/SF basis.
One home sale that exemplifies this trend of small size, small absolute price, large $/SF is 2 Atwood Street located in downtown Newburyport. This 1,214 SF single family home sold for $587,500, $12,500 over its list price, and $484 psf,which is over $100 psf more than the average home of that size in Newburyport. Proximity to downtown makes a huge difference and leads to smaller homes being bought for a larger $/SF.
The condo market in Newburyport reached new heights during Q2 2020 from both a price and a price per square foot perspective as well. Newburyport Landing had two sales over $1M: 266 Merrimack Street Unit B sold for $1.4M ($415 psf) and Unit J sold for $1.075M ($490 psf).
The sale price of Unit B exceeded that of any other single family home in Newburyport in Q2 2020.