In this 2023 Mid-Year in Review Housing Report, we are looking at Northborough, 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
- Northborough home sales decreased by 24.7% as there were 73 sales in the first half of 2023 compared to 97 in the first half of 2022. Average price decreased by 2.4% going from $606,845 in the first half of 2022 to $592,260 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 43.8%, moving from 137 to 77.
- The number of pending sales decreased by 39.2% with 76 in the first half of 2023 compared to 125 in the first half of 2022.
2023 Outlook
The Northborough market has behaved as anticipated with sales seeing a decrease and average prices decreasing just a bit compared to the first half of 2022. Remember, the gap between 2023 and 2022 will be greater than usual as we shift from a frenzied Covid market to a more balanced one. Listings are down significantly in Northborough which aligns with Massachusetts as a whole, currently experiencing the lowest number of homes listed in the first half of the year in recorded history. In an effort to maintain their low 2-3% mortgage rate, potential sellers are delaying putting their homes on the market. This is keeping inventory low and the market competitive as buyer demand is still strong despite affordability concerns such as mortgage rates and inflation. Given this, we don’t expect prices to plummet as long as inventory levels remain this 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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