In this 2023 Mid-Year in Review Housing Report, we are looking at Waltham, 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
- Waltham home sales decreased by 24.9% as there were 211 sales in the first half of 2023 compared to 281 in the first half of 2022. Average price increased by 3.8% going from $736,686 in the first half of 2022 to $764,699 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 32.9%, moving from 362 to 243.
- The number of pending sales decreased by 26.9% with 228 in the first half of 2023 compared to 312 in the first half of 2022.
2023 Outlook
Overall, the Waltham housing market performed as predicted in the first half of 2023. Sales are down and average price is only up slightly. Note, the difference between 2023 and 2022 will be more substantial than usual due to the market adjusting from a frenzied Covid market to a more balanced one. The number of homes listed in Waltham is down significantly compared to this time last year. This is not surprising considering that the number of homes listed in the first half of the year was the lowest in recorded history. With sellers reluctant to list their homes in order to keep their low, covid-era mortgage rate, inventory levels are strained and struggling to recover. At the same time, buyer demand remains strong in the face of affordability issues such as mortgage rates and inflation which is keeping the market competitive. Consequently, it’s unlikely that we’ll see a sharp dive or crash in prices as long as inventory remains at these low levels.
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.
Additional Resources
