Home Sales Down 15.5% & Prices Up 5.6%
As of December 31, 2022, Beverly home sales decreased by 15.5% as there were 468 sales in 2022 compared to 554 in 2021.
Average prices increased by 5.6% going from $600,433 in 2021 to $634,059 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 decreased by 13.4%, moving from 531 in 2021 to 460 in 2022.
The number of pending sales decreased by 17.8% in Beverly in 2022 compared to 2021 from 511 to 420.
The Beverly real estate market continued to adjust in the latter half of 2022, drawing close parallels with national market trends, with home sales down overall and prices up. As we head into 2023, we expect the market to continue to adjust down in the same fashion, if not more, than 2022. There are significantly less buyers in the market as the increased mortgage rates continue to diminish buyer affordability. On top of that, there aren’t as many sellers in the market as there would be because people are reluctant to give up their low mortgage interest rates. Additionally, prices have continued to increase, but not at the rate they had been rising in 2020 & 2021. In Anthony’s 2023 Predictions, he dives deeper into these points to provide a comprehensive outlook & analysis of the real estate market in the upcoming year.
To learn more about Massachusetts’s performance, click here to read the 2022 Massachusetts Year in Review Report.
Data provided by Warren Group & MLSPin and compared to the prior year.