In this 2023 Mid-Year in Review Housing Report, we are looking at Chelmsford, 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

  • Chelmsford home sales decreased by 41.1% as there were 152 sales in the first half of 2023 compared to 258 in the first half of 2022. Average price decreased by 2.3% going from $560,993 in the first half of 2022 to $548,325 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 36.3%, moving from 306 to 195.
  • The number of pending sales decreased by 36% with 176 in the first half of 2023 compared to 275 in the first half of 2022.

2023 Outlook

The Chelmsford market performance remains consistent with expectations – sales are down while average prices show a minimal decrease relative to the first half of 2022. Remember, the difference between 2023 and 2022 will be larger than usual as we continue to experience a market adjustment from a turbulent Covid-era market to a more balanced one. The number of homes listed has dipped in Chelmsford which is consistent with statewide trends as the number of homes listed in the first half of the year hit a record low. Sellers who are clinging onto their low 2-3% mortgage rate are showing reluctance in listing their homes, putting a heavy strain on inventory. This is making it tough for the market to meet the still-persistent, despite affordability concerns like mortgage rates or inflation, demand of buyers. As such, we do not expect prices to 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.