Home Sales Down 17.3% & Prices Up 9.0%
As of December 31, 2022, Chelmsford home sales decreased by 17.3%, as there were 513 sales in 2022 compared to 620 in 2021.
Average prices increased by 9.0%, going from $496,855 in 2021 to $541,358 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 8.0%, moving from 560 in 2021 to 515 in 2022.
The number of pending sales decreased by 13.7% in Chelmsford, moving from 554 in 2021 to 478 in 2022.
As we look ahead to 2023, the Chelmsford real estate market is expected to follow a similar trajectory as the latter half of 2022 – with a decrease in sales and prices on the rise. There are fewer buyers in the market due to higher mortgage rates cutting into their affordability. This, coupled with sellers remaining hesitant to list their home because they do not want to give up their current low mortgage rate, will result is a slower market than in years past. Prices may continue increasing but not at the same accelerated pace they experienced over 2020 & 2021. In Anthony’s 2023 Predictions, he takes you through his comprehensive market outlook so you can know what to expect as a buyer or seller this upcoming year.
To learn more about Massachusetts performance, click here to read the 2022 Massachusetts Year in Review Report.
Data provided by Warren Group & MLSPin and compared to the prior year.