Curious to know how the Woburn, Massachusetts, real estate market performed this year? In this 2022 Year in Review Housing Report, we compare data from Woburn 2021 to 2022 to see how the market performed in the area.
Home Sales Down 17.1% & Prices Up 7.4%
As of December 31, 2022, Woburn home sales decreased by 17.1%, as there were 550 sales in 2022 compared to 456 in 2021.
Average prices increased by 7.4%, going from $602,513 in 2021 to $647,137 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 10.5%, moving from 541 in 2021 to 484 in 2022.
The number of pending sales decreased by 16.8% in Woburn, moving from 511 in 2021 to 425 in 2022.
As we wrap up 2022 and look towards the year ahead, the Woburn market is expected to continue to see adjustments towards a cooler, less frenzied market. First, there are significantly fewer buyers in the market than normal attributable to increasing mortgage rates impacting affordability. Also, would-be sellers are stuck in a holding pattern as many do not want to give up their current low-interest mortgages. Because of these aforementioned factors, sales are expected to be down in 2023 compared to 2022. On the other hand, prices are expected to continue to increase, but not in the same aggressive manner that they have been increasing over the last few years. Anthony’s 2023 Predictions provides a detailed analysis of what to expect in next year’s real estate market.
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.