2016 HIGHLIGHTS
BOSTON, MA
+ 11.93%
AVERAGE RESIDENTIAL SALES PRICE: $803,235
-2.17%
AVERAGE DAYS ON MARKET: 45
Early 2017 Seller’s Market

Massachusetts will continue to thrive as a seller’s market with record-low inventory entering 2017. In certain areas, brokers indicate there is potential for more of a market balance later in the year, as buyers may begin to push back on rising prices. Demand for single-family homes will continue to dominate sales in the state.

Stable Days on Market & Median Prices

In the city, the average days on market is 45, and this is expected to remain relatively the same in 2017. Suburban areas like the North Shore will continue to see quick turnover, particularly in the $300K range, where inventory is scarce and demand is high among first-time, millennial buyers who seek move-in ready homes.

+ 6.95%
Beverly, MA
2016 Number of Units Sold
[ 1,076 ]

The Massachusetts Make-up

Massachusetts will continue to be comprised of single-family homes, particularly in suburban areas of the state. Conversely, condos and rentals will dominate in Boston, giving strength to the urban, luxury market.

First-time Buyers Dominate

First-time buyers fuel the market, with millennials seeking to buy rather than rent. In Plymouth, count of units sold is up 10 percent year-over-year and average days on market is down 15 percent, demonstrating the buying power of this demographic.

Steady Luxury Market

An increase in high-end developments continues to paint a promising picture of Boston’s luxury market. Larger homes close to the city are selling faster than in rural areas. In Boston, foreign investing is also a factor with many upscale developments flooding the area.

STATEWIDE TRENDS

In the past four years, average residential sales prices have trended upward across the state of Massachusetts. Average days on market have decreased throughout the state, most notably in Plymouth by 15% year-over-year.