Curious to know how the Northborough, Massachusetts, real estate market performed this year? In this 2022 Year in Review Housing Report, we compare data from Northborough 2021 to 2022 to see how the market performed in the area.
Home Sales Down 13.4% & Prices Up 9.8%
As of December 31, 2022, Northborough home sales decreased by 13.4%, as there were 213 sales in 2022 compared to 246 in 2021.
Average prices increased by 9.8%, going from $492,685 in 2021 to $540,737 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 12.1%, moving from 247 in 2021 to 217 in 2022.
The number of pending sales decreased by 11.7% in Northborough, moving from 230 in 2021 to 203 in 2022.
As we head into 2023, we expect the Northborough real estate market to mimic statewide trends which include decreased sales and rising prices. This decrease in sales is a result of there being fewer buyers in the market since mortgage rates increased as well as there being fewer sellers listing to avoid losing their low mortgage rates. As for prices, although they are expected to continue to rise, the rate at which they will increase will flatten and not be nearly as sharp as it has been since the beginning of the pandemic. Anthony gives a full market outlook and analysis in his 2023 Predictions.
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.