Home Sales Down 18% & Prices Up 13.6%
As of December 31, 2022, Watertown home sales decreased by 18%, as there were 392 sales in 2022 compared to 478 in 2021.
Average prices increased by 13.6%, going from $776,285 in 2021 to $881,916 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 16.8%, moving from 518 in 2021 to 431 in 2022.
The number of pending sales decreased by 21.8% in Watertown, moving from 464 in 2021 to 363 in 2022.
The Watertown real estate market continued to adjust down in the latter half of 2022, and the same is predicted to continue into 2023. Due to a lack of buyers as a result of increased mortgage rates as well as a lack of sellers because many are holding off on listing to keep their low mortgage rate, sales are expected to be down compared to 2022. Prices, however, are expected to continue to rise, but not at the same speed or steepness as they did in the past few years. For a full breakdown of what’s to come, check out Anthony’s 2023 Real Estate Market 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.