North Shore
Market Insights
- In both Essex and Middlesex Counties, the real estate market slowed in the second half of 2022 as higher interest rates contributed to hesitation among both Buyers and Sellers. The North Shore saw overall decreases of 8% in listing activity and 14% in the number of homes sold as compared to 2021.
- Inventory remained near historic lows throughout 2022, lending a strong advantage to Sellers. The average North Shore home lasted only 16 days on the market and sold for 105% of asking price. However, pricing a home competitively became increasingly important as the year progressed, and many Sellers who started too high were forced to make one or more price adjustments before receiving offers.
- Early 2023 has brought slightly lower interest rates, a continued shortage of inventory, and a deficit of new listing activity which is typical during the winter and early spring months. With some Buyers previously who were deterred by higher rates now resuming their search, and many more new Buyers entering the market, some North Shore towns are seeing a resurgence of “bidding wars” while others show signs of a more balanced market. Rate fluctuations and supply of available homes will have the large impact on market conditions in the months ahead.
