In this 2022 Mid-Year Housing Report, we’re looking at home sales in Northborough, Massachusetts in the first half of 2022 compared to the first half of 2021 and how the market performed in that area.
Home Sales Down 8.74% & Prices Up 18.37%
For the first half of 2022, Northborough saw a decrease of 8.74% in the number of sales over the same time last year. There were 103 at the 2021 mid-year compared to 94 as of June 30, 2022.
Prices increased now up 18.37% at $548,773 from $463,619 in 2021.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
Northborough listings decreased by 3.52% year over year, moving from 142 to 137.
Northborough pending sales increased slightly by 2.46%. There were 125 pending homes in the first half of 2022 compared to 122 last year.
The decrease in sales in Northborough is indicative of a cooling market and matches current trends being seen statewide and nationwide. The cooling market is mainly a result of increased mortgage rates which have caused buyer affordability to drop and many potential buyers have exited the market completely as a result. However, this lessening of demand can actually be beneficial as less competition means fewer bidding wars, more availability, and more leverage for buyers. As for prices, it is not surprising to see an increase year over year, and they are still predicted to increase as the year continues, unless supply dramatically increases. However, prices are not expected to not rise as steeply as they have been.
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.