Home Sales Down 15.67% & Prices Up 13.87%
Home sales in Leominster decreased by 15.67% to 269 as of June 30, 2022, compared to 319 in the same time period last year.
Average prices increased by 13.87% in Leominster moving from $312,661 to $356,021 in 2022 so far.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
The number of homes listed decreased by 16.91% now at 280 in 2022 over 337 in the same time period last year.
262 homes were placed under contract in the first half of 2022, a 17.35% negative change from 317 last year.
The real estate market in Leominster performed similarly to that of Massachusetts with decreases in sales and increases in prices. This decrease in sales can be attributed to rising mortgage rates which have been impacting buyer affordability over the last couple of months. With fewer buyers in the market, there is less demand, which means competition will lessen and buyers will gain back some leverage compared to the frenzied market they were experiencing in the beginning of the year. This lessening of demand will not translate to ‘cheaper’ housing, however, this cooling market will yield more supply which will start to impact prices as we continue throughout the year.
To learn more about Massachusetts performance and the predictions for the rest of the year, click here to read the 2022 Massachusetts Mid-Year Report.
Data provided by Warren Group & MLSPin and compared to the prior year.