Q3 | 2022
MASSACHUSETTS QUARTERLY
MARKET REPORT
Helping You Transition to a New Lifestyle
Serving the Greater Boston Area for 9+ Years Value-Enhancing Strategies Diligent Market Research Investment Consulting Analyst Background Professional CMA to Guide Home Buyers / Sellers
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ANDOVER 2 Elm Square, Suite 204 978.248.8081
CONTENTS
BOSTON 126 Newbury Street, 2nd Floor 617.206.3333
CAMBRIDGE 1100 Massachusetts Avenue, 1st Floor 617.303.0067
MARKET NOTE / TABLE OF CONTENTS
CAPE COD 877 Main Street, Osterville 734.203.7601 CHESTNUT HILL 1330 Boylston Street, 2nd Floor 617.752.6845
CONCIERGE
GLOSSARY
CONCORD 2 Lexington Road 351.207.1153
BOSTON AND CAMBRIDGE
NORTH SHORE
HINGHAM 18 Shipyard Drive, Suite 3C 781.285.8028
NORTH OF BOSTON
LEXINGTON 7 Muzzey Street 781.386.0624
NORTHWEST OF BOSTON
MARBLE HEAD 46 Atlantic Avenue 781.534.9229
METROWEST OF BOSTON
SOUTHWEST OF BOSTON
WELLESLEY 161 Linden Street, Suite 102 781.365.9954
SOUTH SHORE
WESTON 450 Boston Post Road 781.739.2640 WINCHESTER 41 Thompson Street 781.219.0313
CAPE AND ISLANDS
ABOUT COMPASS
MARKET NOTE As the third quarter of the year wrapped up, single- family and condo property values held frm and even outpaced 2021 in Greater Boston. Though fewer newly listed homes in Q3 2022 translated into fewer pending and closed transactions, properties achieved higher average and median sales prices as compared to Q3 2021. Simultaneously, the market was tempered by climbing interest rates, which reduced competition among buyers and gave them back some negotiating power. While most buyers continued to pay at or over asking price for homes, they were able to land offers with more favorable terms in many cases. Compass agents reported the market felt less “frenzied” than earlier in the year. The following observations are based on year-to-date MLSPIN data for 150 communities as of September 30, 2022. New listings brought to market were down 9% for single- family homes and almost 16% for condos. Single-families experienced a 14% drop in pending sales and 11% decline in closings, while condo pendings were also down 21% and closings declined 19%. Despite national trends, though, prices were on the rise. Median price was up over 9% for single-family homes at $695,000 and up 7.5% for condos at $575,000. Homes continued to sell quickly, and the average days on market was down for both property types as compared to 2021. What does this mean for buyers and sellers? It's still a strong seller's market. Experts say that a buyer's market emerges only when months of supply reaches at least seven months. Anything below six months of supply is a seller's market. With only about fve weeks of supply, Greater Boston is still planted frmly in the seller's market zone. While there still may not be enough homes on the market to fully meet demand, the slightly larger available inventory has led to a slower-paced market where buyers have more options and have the ability to negotiate more favorable prices and terms in many instances. The days of sellers throughout Greater Boston receiving 10+ offers are gone (for now). Although some homes still receive more than one offer, the number of multiple offers dwindled in many pockets of the market. Nevertheless, on average, sellers of both single-families and condos continued to sell at prices above asking
price due to strong buyer demand coupled with relatively low available inventory.
Buyers should be prepared to compete with others for updated homes in popular neighborhoods, as these homes are still getting top-dollar offers with few or no contingencies. Rapidly rising rates have forced many buyers to be more fexible with their location, which might mean an infux of new buyers to certain towns, making the offer game more competitive than ever. Many buyers who don't want to compromise on location or price are reconsidering adjustable rate mortgages, which offer more affordable monthly payments and the option to refnance down the road when rates are more favorable. On the other hand, if you're planning to sell, know that sellers who are less ambitious with their asking price tend to garner offers far above those who price above comparable recent sales. As a seller, it's also important to keep in mind that rising mortgage rates have decreased buying power signifcantly. The rule of thumb is that for every 1% increase in rate, the price buyers can afford to pay drops by 10%. As buyers bid on properties that lack amenities that they used to be able to afford when rates were lower, they may be less emotionally involved in the bidding process and tougher to negotiate with.
CAPE COD AND THE ISLANDS
Once again, the housing market on Cape Cod and the Islands offered some interesting parallels to the Greater Boston market. On Cape Cod, closed inventory for single-families and condos were down (19% and 15%, respectively) year over year. However, median sales prices were up 13% for single-families at $689,900 and up 23% for condos at $445,000. On Nantucket, closed sales for single-families dropped by a striking 50% compared to Q3 2021, whereas the median sales price rose by 33% to $3.8 million. Martha's Vineyard single- families saw a similar trend, with 30% fewer closings but a 12.7% increase in median sales price to $1.55 million. Each local market has its own story to tell. Both sellers and buyers would be wise to trust their agent's evaluation of the local market, which will include insights not yet proven by closed sale fgures.
MLSPIN Area Market Review, 1/1/22–9/30/22. The towns we used for Greater Boston stats were sourced via Crunchbase. CCIMLS for Barnstable County, 1/1/22–9/30/22. LINK for Nantucket and Martha’s Vineyard Data, 7/1/21–9/30/21 vs. 7/1/22–9/30/22.
GLOSSARY
SINGLE-FAMILY A stand-alone house is a free-standing residential building. It is sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling. CONDO A condominium, often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. MEDIAN LIST PRICE The median list price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. We refer to the median list price rather than the average list price because it is less affected by outliers or properties that skew the perceived values in a particular housing market. MEDIAN SALES PRICE (MSP) The median sales price is the price in the very middle of a data set, with exactly half of the houses sold for less and half sold for more. We refer to the median sold price rather than the average sold price because it is less affected by outliers or properties that skew the perceived values in a particular housing market. DAYS ON MARKET (DOM) Days on market is defned as the total number of days a listing is active before an offer is accepted or the listing is pulled off the market. CLOSED SALES Figures for the current quarter are based on known closings recorded at the time the report is prepared.
QUARTERS Q1 January 1 — March 31 Q2 April 1 — June 30 Q3 July 1 — September 30 Q4 October 1 — December 31
Millennium Tower, Grand Residence 5502, Boston | Exclusively listed by David Murdock and Jake Eddy
Living in Boston means a life at the center of everything — innovation and the arts, tradition, and technology. Bostonians are known for moving ever forward while cherishing simple, timeless pleasures like skating on Frog Pond, strolling the Public Garden, taking in various neighborhoods’ architectural gems, and shopping the boutiques of Newbury and Charles Streets. Just across the Charles River from Boston, leisure seekers in the Cambridge area can escape city life for the likes of Fresh Pond Reservation, and the manicured campuses of internationally-renowned universities.
Vibrant neighborhoods, such as Davis Square and Harvard Square, offer a diverse array of exciting dining, shopping, and nightlife options. Residents make their homes in spaces that are as diverse as the cities themselves— from the iconic brownstones of Back Bay, Beacon Street, and the South End, to Brookline and Cambridge’s generous estate properties and the extraordinary painted ladies of Jamaica Plain.
SINGLE-FAMILY INVENTORY
Q3 2022
293
MEDIAN SALES PRICE** $1,653,294
TOTAL SINGLE-FAMILY SALES*
AVERAGE DAYS ON MARKET*** 37
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 1,244
MEDIAN SALES PRICE** $900,505
AVERAGE DAYS ON MARKET*** 46
Towns included in the Boston & Cambridge region: Allston, Back Bay, Bay Village, Beacon Hill, Brighton, Brookline, Cambridge, Charlestown, Dorchester, Financial District, East Boston, Fenway, Jamaica Plain, Mission Hill, North End, Roslindale, Roxbury, South Boston, South End, Seaport, Waterfront, and West Roxbury.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
BOSTON & CAMBRIDGE
15 Lincoln House Point, Swampscott | Exclusively listed by Bill Willis and Christine Tierney
From the dunes of Plum Island to the pristine sands of Wingaersheek Beach, where the Annisquam River meets Ipswich Bay, the North Shore of Boston promises tranquil escapes taken straight from a postcard. Updated Colonials lend an air of sophistication to traditional architectural styles, while iconic Gothic Revival and Queen Anne-style homes attract visits from students of architecture.
Those looking for a livelier scene might check out Salem’s year-round Halloween happenings or venture further north to New Hampshire’s shopping hot spots. Lobster rolls, fea markets, and an easy commute to Boston by commuter rail make for an enviable lifestyle that feels a lot like vacation.
SINGLE-FAMILY INVENTORY
Q3 2022
839
$785,064
TOTAL SINGLE-FAMILY SALES*
MEDIAN SALES PRICE**
AVERAGE DAYS ON MARKET*** 26
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 434
MEDIAN SALES PRICE** $524,928
AVERAGE DAYS ON MARKET*** 28
Towns included in the North Shore region: Beverly, Chelsea, Danvers, Essex, Gloucester, Hamilton, Ipswich, Lynn, Manchester-by-the-Sea, Marblehead, Newburyport, Peabody, Rowley, Rockport, Salem, Salisbury, Swampscott, and Winthrop.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
NORTH SHORE
44 Castlemere Place, North Andover | Exclusively sold by The Lush Group
The communities north of Boston feature the luxuries of modern living amid picturesque streetscapes that honor New England’s history. Residences are as varied as that history itself, from Victorian homes and Colonial estates to updated farmhouses and new condominiums. Community investment has breathed new life into well- preserved town centers such as the Lexington Common and Andover’s Shawsheen Village Historic District. Beautifully restored mills house top-rated restaurants, and antique stores share space with contemporary boutiques.
Runners, hikers, and cyclists take full advantage of expansive green spaces like the Boxford and Harold Parker State Forests, Breakheart Reservation, and Middlesex Fells Reservation, while children attend schools that rate among the best in the country. Residents enjoy an easy commute into Boston via car or commuter rail and can head a few miles north to New Hampshire for weekend getaways.
SINGLE-FAMILY INVENTORY
Q3 2022
1,003
$752,531
TOTAL SINGLE-FAMILY SALES*
MEDIAN SALES PRICE**
AVERAGE DAYS ON MARKET*** 23
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 415
MEDIAN SALES PRICE** $478,007
AVERAGE DAYS ON MARKET*** 26
Towns included in the North of Boston region: Andover, Boxford, Everett, Haverhill, Lawrence, Lynnfeld, Malden, Medford, Middleton, Melrose, North Andover, North Reading, Reading, Saugus, Stoneham, and Wakefeld.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
NORTH OF BOSTON
181 Follen Road, Lexington | Exclusively listed by Andrew Martini
Greenspace abounds in the communities situated northwest of Boston, as several national protected areas are peppered throughout the region for its many residents to enjoy. Exercise enthusiasts relish the trails and bikeways of the Minuteman National Historic Park, while others that opt for a more leisurely outing are partial to the Assabet River National Wildlife Refuge.
These suburban towns just outside of Boston may give the illusion of being a world away from the hustle and bustle, but commuters — and those looking to spend a few hours in the city — can still reap the benefts of city life by way of the MBTA train lines serving the region.
SINGLE-FAMILY INVENTORY
Q3 2022
1,284
$990,117
TOTAL SINGLE-FAMILY SALES*
MEDIAN SALES PRICE**
AVERAGE DAYS ON MARKET*** 23
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 648
MEDIAN SALES PRICE** $581,412
AVERAGE DAYS ON MARKET*** 23
Towns included in the Northwest of Boston region: Acton, Arlington, Bedford, Belmont, Billerica, Burlington, Carlisle, Chelmsford, Concord, Dracut, Groton, Harvard, Lexington, Lincoln, Maynard, Somerville, Tewksbury, Watertown, Waltham, Wilmington, Winchester, Woburn, and Stow.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
NORTHWEST OF BOSTON
55 Scotch Pine Road, Weston | Exclusively listed by the Shulkin Wilk Group
MetroWest combines stunning conservation lands, tranquil ponds, and apple orchards with sought- after accessibility to offerings of urban living. Arts afcionados relish the Wellesley Symphony Orchestra, while the Natick Center for the Arts showcases some of the country’s most beloved musicians. Locals enjoy fne dining, dance, and theater performances, while also having access to trails and extensive conservation land.
Time spent at home might mean enjoying all the comforts and modern amenities of a brick Georgian revival with a wide front porch, a contemporary Colonial with cathedral ceilings, a well-appointed condominium, or a newly renovated townhome.
SINGLE-FAMILY INVENTORY
Q3 2022
917
MEDIAN SALES PRICE** $1,311,300
TOTAL SINGLE-FAMILY SALES*
AVERAGE DAYS ON MARKET*** 24
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 240
MEDIAN SALES PRICE** $790,418
AVERAGE DAYS ON MARKET*** 36
Towns included in the Metrowest region: Dedham, Dover, Framingham, Natick, Needham, Newton, Sherborn, Sudbury, Wayland, Wellesley, Weston, and Westwood.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
METROWEST
10 Helena Circle, Mansfeld | Exclusively sold by Esposito Realty Group
locals and visitors alike, while nearby Mansfeld draws focks of people to town to enjoy live music performances and events. Only a 40-minute drive to Boston, this region serves as a popular commuter’s community, as residents are afforded the conveniences of the city, seamlessly blended with the spacious benefts provided by a suburban lifestyle.
Anchored by the Blue Hills Reservation and Borderland State Park, the towns situated southeast of Boston are known for their vast array of businesses, including technology, retail, wholesale, and manufacturing, complemented by entertainment venues and professional sporting arenas.
Foxborough, home to the New England Patriots, hosts a slew of year-round activities for both
SINGLE-FAMILY INVENTORY
Q3 2022
670
$674,965
TOTAL SINGLE-FAMILY SALES*
MEDIAN SALES PRICE**
AVERAGE DAYS ON MARKET*** 24
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 166
MEDIAN SALES PRICE** $492,372
AVERAGE DAYS ON MARKET*** 27
Towns included in the Southwest of Boston region: Avon, Abington, Canton, Franklin, Foxborough, Norfolk, Norwood, Mansfeld, Medfeld, Medway, Sharon, Stoughton, and Wrentham.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
SOUTHWEST OF BOSTON
17 Jerusalem Lane, Cohasset | Exclusively listed by Denise Marshall
The historic towns of the South Shore showcase stately Colonials, townhomes, and Capes, as well as nineteenth century country houses and estates framed by feldstone walls. New construction homes in the tradition of the Georgian Colonial are neighbors to tasteful condos with foor-to-ceiling bay windows and coastal views. While residents enjoy the proximity to both Boston and Providence, the South Shore has plenty to entice in its own right, from fresh oysters and farm-to-table dining to swimming, hiking, and biking in the Blue Hills and Neponset Reservations.
Defned by the prominence of Route 3, the South Shore features several gorgeous seaside towns along this highly traveled path, making for a picturesque excursion leading to the Cape. Families count on excellent schools, enjoy arts and cultural delights like dance performances and outdoor music festivals, and cherish institutions like the South Shore Music Circus and South Shore Children’s Museum.
SINGLE-FAMILY INVENTORY
Q3 2022
1,131
$816,591
TOTAL SINGLE-FAMILY SALES*
MEDIAN SALES PRICE**
AVERAGE DAYS ON MARKET*** 28
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 349
MEDIAN SALES PRICE** $541,716
AVERAGE DAYS ON MARKET*** 29
Towns included in the South Shore region: Braintree, Cohasset, Duxbury, Hanover, Hingham, Hull, Kingston, Marshfeld, Milton, Norwell, Pembroke, Plymouth, Quincy, Rockland, Scituate, and Weymouth.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
SOUTH SHORE
7 Field Club Lane, Martha’s Vineyard | Exclusively listed by Point B Realty
A favorite destination for tourists, statespeople, and celebrities, the Cape and Islands have even more to offer those who make it home. Known for its signature wood-framed clapboard homes, the coastal region also boasts traditional Colonial and salt-box homes, seaside cottages, and luxury condos. Simply taking in the majestic sunsets is an activity on its own, but residents of the Cape and Islands can enjoy so much more. Favorite hobbies include playing at pristine golf courses, dining at fve-star
restaurants, watching the seals at the Chatham Fish Pier, strolling through sculpture gardens and, of course, beach going, sailing, and swimming. From townhomes adjoining the vibrant streets of Provincetown to tranquil, secluded estates across the region, Cape Cod, Martha's Vineyard, and Nantucket have something for everyone.
SINGLE-FAMILY INVENTORY
Q3 2022
1,067
MEDIAN SALES PRICE** $1,109,448
TOTAL SINGLE-FAMILY SALES*
AVERAGE DAYS ON MARKET*** 32
CONDOMINIUM INVENTORY
Q3 2022
TOTAL CONDO SALES* 241
MEDIAN SALES PRICE** $601,492
AVERAGE DAYS ON MARKET*** 29
Towns included in the Cape and Islands region: Barnstable, Bourne, Brewster, Chatham, Dennis, Eastham, Falmouth, Harwich, Martha’s Vineyard, Mashpee, Nantucket, Orleans, Provincetown, Sandwich, Truro, Yarmouth, Wellfeet, and Yarmouth.
* Total number of sales refected per towns listed on following page in Q3 2022. ** Average of median sales price per towns listed on following page in Q3 2022. *** Data refects totals and averages of the towns listed on the following page in Q3 2022.
Single-Family Data
Condominium Data
CAPE AND ISLANDS
BOSTON | BROOKLINE | BELMONT | CAMBRIDGE | CONCORD CARLISLE | DOVER | LEXINGTON | MILTON | NEWTON NEEDHAM | SEAPORT | SOMERVILLE | SHERBORN | SUDBURY WELLESLEY | WESTON | WAYLAND | WINCHESTER | WESTWOOD HINGHAM | COHASETT | CAPE COD | MANCHESTER-BY-THE SEA
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
Compass Concierge: Rules & Exclusions apply. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions at compass.com/concierge.
This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, fnancial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Individual results may vary. Testimonials are not intended to guarantee the same or similar results.
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