Home Sales Down 12.45% & Prices Up 4.94%
As of June 30, 2022, Beverly home sales decreased by 12.45% as there were 225 sales in the first half of 2022 and 257 in that same time period in 2021.
Average prices increased by 4.94% going from $596,588 in 2021 to $626,088 in 2022.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
The number of listed homes slightly increased by 1.14%, moving from 263 in the first half of 2021 to 266 in the first half of 2022.
The number of pending sales decreased by 9.3% in Beverly in the first half of 2022 compared to the same time frame in 2021 from 258 to 234.
Beverly’s mid-year data shows a cooling down of the market, a trend being experienced not only in Massachusetts but nationwide. The main driver of this change is rising mortgage rates which have diminished buyer affordability and subsequently removed a large portion of them out of the housing market completely, lowering demand as a result. Buyers will mostly feel the effects of this change as the market shifts out of its frenzied state and into a more balanced place. Both buyers and sellers have ample opportunity to find success in this cooling market, staying informed and prepared for change will be key.
To learn more about Massachusetts performance and the predictions for the rest of the year, click here to read the 2022 Massachusetts Mid-Year Report.
Data provided by Warren Group & MLSPin and compared to the prior year.