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Your Town: 2014 Methuen Real Estate Market Report

In this “Your Town” report we are taking a deep look into Methuen as a whole and looking at sales numbers for 2014 versus 2013, along with how the towns along its borders did, as well as what’s currently on the market in town right now.

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2013 vs. 2014 in Methuen:

Overall, the housing market remained strong in Methuen in 2014, with a total of 617 homes sold at an average sale price of $274,449.  The 617 number includes single-family homes, condominiums, and multi-family homes. That meant a nice increase in the overall average home price, with homes selling for 3.2% more than in 2013.  101 more homes sold in 2014 than in 2013, bucking a trend that contributed to overall home sales in Massachusetts being down 1% in 2014.

Breaking down the numbers:

  • Single-Family Homes: 392 sold in 2014 versus 352 in 2013, for an average price of $278,945 which is a nice increase from the previous year’s average of $262,386.
  • Condominiums: 165 condominiums sold in 2014 compared to 121 in 2013, with an average sold price of $278,643, a slight jump from 2013’s average of $277,316.
  • Multi-Family: 60 homes sold in 2014, as opposed to 43 in 2013. The average sale price in 2014 was $265,940, a boost from the previous year’s average price of $257,496.

Next, looking at the towns that Methuen shares a border with, we see that the town remains affordable compared to Andover and N. Andover, where a single-family home can cost up to $336,211 more when you look at average sale prices (see graphic above for a breakdown by town).  Haverhill, Dracut, and Lawrence come underneath Methuen’s average price for a single-family home by anywhere from 1-32%.

Methuen, Right Now

As of today, March 19, 2015, there are 60 single-family homes on the market in Methuen, with an average listed price of $374,179.  20 condominiums join them, with an average asking price of $268,035, and there are currently 8 multi-family homes on the market, whose owners are asking for an average of $270,337.  That is a total of 88 homes on the market, as compared with 113 on the market one year ago today.

Town Profile

Methuen is a mixed residential community of 47,255 as of the 2010 US Census.  Settled in 1642, the city was incorporated in 1726, and is located along the New Hampshire border along two major highways: Routes 495 and 93, both of which run through the city and offer direct access via a 35-minute drive to Boston, making it a great location for commuters.  A variety of parks and open spaces in the city offer recreational opportunities, and the presence of Holy Family Hospital, with its emergency room, affords easy access to medical care.  Many restaurants and small businesses within the city limits give residents choices when it comes to dining and shopping.  With so much to offer, it’s no wonder that Methuen remains a highly desirable place to live and own a home.

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