In this 2023 Mid-Year in Review Housing Report, we are looking at Beverly, Massachusetts in the first half of 2023 compared to the first half of 2022 to see how the market performed in the area.
Mid-Year Data Highlights
- Beverly home sales decreased by 31.4% as there were 155 sales in the first half of 2023 compared to 226 in the first half of 2022. Average price increased by 5.6% going from $647,747 in the first half of 2022 to $684,008 in the first half of 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
- The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 32.5%, moving from 265 to 179.
- The number of pending sales decreased by 28.2% with 168 in the first half of 2023 compared to 234 in the first half of 2022.
2023 Outlook
Overall, the Beverly market performed as expected with sales being down and average price up only slightly when compared to the first half of 2022. Keep in mind that, the difference between 2023 and 2022 is greater than usual as we have been adjusting down from a frenzied covid-era market to a more balanced market. Not only are sales down, but listings are down in Beverly as well. In fact, the number of homes listed in the first half of the year is the lowest in recorded history. Sellers are hesitating to list their homes in an attempt to keep their low 2-3% mortgage rate which is straining inventory levels, especially since buyer demand is still strong despite affordability concerns (e.g., mortgage rates, inflation). Because of this, prices are not likely going to nosedive or crash as long as inventory remains as low as it is.
To learn more about Massachusetts’s performance, click here to read the 2023 Massachusetts Mid-Year in Review Report.
Data provided by Warren Group & MLSPin and compared to the prior year.
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