In this 2023 Mid-Year in Review Housing Report, we are looking at Braintree, 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
- Braintree home sales decreased by 23.3% as there were 155 sales in the first half of 2023 compared to 202 in the first half of 2022. Average price increased by 4.8% going from $613,919 in the first half of 2022 to $643,172 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 23.3%, moving from 223 to 171.
- The number of pending sales decreased by 19.5% with 161 in the first half of 2023 compared to 200 in the first half of 2022.
2023 Outlook
The performance of the Braintree market so far this year is in line with Anthony’s 2023 predictions; showing a decrease in sales and a minimal increase in average price in comparison to the first half of 2022. It’s important to understand that the difference between 2023 and 2022 will be more pronounced as we are experiencing a market adjustment from a chaotic Covid market to a more balanced one. In addition to sales, listings in Braintree have witnessed a downturn as well. In fact, listings reached an all-time low for the first half of the year. Homeowners are delaying listing their homes, trying to maintain their advantageous 2-3% mortgage rate, resulting in a squeeze on the inventory. This strain becomes even more apparent when buyer demand is considered as it still remains strong amidst affordability concerns such as mortgage rates and inflation. Given this, it’s unlikely we’ll see a significant drop or crash in prices as long as inventory levels remain this low.
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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