In this 2023 Mid-Year in Review Housing Report, we are looking at Woburn, 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
- Beverly home sales decreased by 13.8% as there were 188 sales in the first half of 2023 compared to 218 in the first half of 2022. Average price increased by 0.8% going from $666,317 in the first half of 2022 to $671,739 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 0.8%, moving from 238 to 236.
- The number of pending sales increased by 3.3% with 221 in the first half of 2023 compared to 214 in the first half of 2022.
2023 Outlook
Woburn’s mid-year market performance aligns with our predictions as the number of homes sold has decreased and average price is only up slightly when compared to the first half of 2022. It’s essential to remember that the contrast between 2023 and 2022 will be greater than usual as we continue to adjustment from an intense Covid-era market to a more balanced one. In Massachusetts, the number of homes listed in the first half of the year reached a historical low, but Woburn listings were not down as dramatically as other towns throughout the state. Regardless, fewer listings can mainly be attributed to potential sellers hesitating to list their homes which have 2-3% rates from the pandemic. As such, inventory levels are tight and cannot keep with the persistent buyer demand that is still in the market – despite ongoing affordability issues (e.g., mortgage rates, inflation). Therefore, it’s unlikely that we will see any severe dips in prices as long as the inventory stays 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.
Additional Resources
