In this 2023 Mid-Year in Review Housing Report, we are looking at Leominster, 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
- Leominster home sales decreased by 33.6% as there were 182 sales in the first half of 2023 compared to 274 in the first half of 2022. Average price increased by 2.1% going from $360,678 in the first half of 2022 to $368,352 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 27.1%, moving from 280 to 204.
- The number of pending sales decreased by 27.1% with 191 in the first half of 2023 compared to 262 in the first half of 2022.
2023 Outlook
So far in 2023, the Leominster housing market behaved as expected with a decrease in the number of homes sold and a small increase in average prices when compared to the first half of 2022. It’s important to realize that the difference between 2023 and 2022 will be larger than usual as we continue to adjust from a hectic Covid-era market to a more balanced one. Listings in Leominster are also down. In fact, the number of homes listed reached a historical low for the first half of the year. This can mainly be attributed to would-be sellers who are hesitating to list to avoid losing their low, pandemic-era mortgage rate. However, this reluctance is keeping inventory low and cannot meet the demand of buyers which is still strong despite continuing affordability concerns like mortgage rates and inflation. Therefore, we don’t foresee any drastic dips or crashes in prices as long as the inventory remains 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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