Your Town: Mid-Year Report of Framingham Real Estate Market
Want to know how the Framingham, Massachusetts real estate market is doing? In this Your Town report we’re looking at home sales in Framingham for the first half of 2015 versus the first half of 2014, how the market is currently doing and what’s to come for the rest of the year.
As of June 30th a total of 350 homes sold in Framingham at an average sale price of $284,460. (These numbers include single-family homes, condominiums, and multi-family sales). 350 sales are up from this same time period in 2014 when 310 homes were sold. There was also an increase in the overall average sale price which was $276,487 during this time period in 2014. Overall sales being up at the midpoint of the year are wonderful news for Framingham because sales were down in many cities and towns due to the excessive snow in the winter that created a very late start to the year for real estate sales.
Breaking down the numbers:
- Single-Family Homes: 231 single-families sold in 2014 for an average price of $369,406 compared to 261 single-family sales this year for an average price of $366,448, so we’re looking at 30 more sales this year, but a slight decrease in the average price which is a bit surprising considering that sales were up so much.
- Condominiums: 60 condos sold in 2014 for an average price of $147,432, compared to 61 condo sales this year for an average price of $162,071. There’s been a slight increase in the number of sales, as well as in the average price of a condo in Framingham.
- Multi-Family Homes: 19 multi-families sold in the first half of 2014 for an average price of $312,623. 28 sold this year for an average price of $324,860. Again, we’re seeing an increase in both the number of sales and the average sales price for a multi-family in Framingham in 2015.
Framingham, Right Now:
As of today, there are 103 single-family homes on the market in Framingham compared to 126 a year ago. This decrease in inventory compared to a year ago will likely result in additional price appreciation. As for condos, there are 31 units for sale compared to 18 this time last year, and 11 multi-families are currently on the market compared to 7 this time in 2014. This is a total of 150 homes on the market, compared with 151 on the market one year ago.
Rest of the year?
From January 1st to June 30th pending homes sales were up with 492 pending sales compared to 442 during the same time last year. Framingham was also consistent with the rest of the state in having an active June. There were 131 pending home sales, compared to 117 during the same time period in 2014. This increase overall and in June tells us that by the end of the year home sales in Framingham will be way up compared to 2014.
Framingham is a town in Middlesex County, about 20 miles west of Boston and mid-way between Boston and Worcester. As of the 2010 US Census, the population was 68,318. The town has three major business districts, “The Golden Triangle,” Downtown/South Framingham, and West Framingham. The villages of Framingham include Framingham Center, Saxonville, and Nobscot. 02081 has every type of food you could possibly desire, in every type of setting, from fast food to fine dining, Brazilian to Thai, and from casual coffee shops to upscale micro roasters. There’s something for everyone! There are many beautiful outdoor spaces in Framingham including The New England Wildflower Society’s Garden in the Woods, where acres upon acres of cultivated gardens are there for all to enjoy. The Framingham Public School District is made up of 14 public schools that include Framingham High School, three middle schools, nine elementary schools, and the Blocks Pre-School. The town also has a regional vocational high school and a regional charter school. Framingham is also home to several private and specialty schools and colleges, including Framingham State University and The Massachusetts Bay Community College Framingham Campus.