Real estate trends vary each year on a national, state, and local level. While much of the country has been experiencing one of the hottest seller’s markets to date, that’s not always the case everywhere. Whether you’re buying or selling real estate, it’s essential to understand your unique market conditions that will affect how much you pay for or make on your home.
To get an optimal outcome, buyers and sellers should work with an experienced, top-rated real estate agent in their local market that can give you insight and advice.
Let’s look at the current state of the Massachusetts real estate landscape so you can approach your buying or selling journey with the right expectations.
2019 Home Value Trends for Top 5 Cities in Massachusetts
Home values in Massachusetts are inconsistent, with median market prices ranges from the $200,000s up to $550,000 or more. Here’s a quick snapshot at some of the state’s biggest real estate markets.
Unlike many of the country’s major cities, Boston has experienced a slow down in sales. Right now, the city is a buyer’s market, even though home values have increased by 4.2% in the past year, according to data from Zillow. Home values will continue to rise in the coming year at a snail’s pace.
Almost the exact opposite of Boston, Worcester is seeing one of the hottest seller’s markets in the state. The median home value is $242,600, and values have increased an impressive 5.6% in the past year alone.
Springfield real estate remains comparatively less expensive than larger cities like Boston with a median home value of just $161,600. The market here continues to favor the seller. Home values have increased more than 7% over the past year and are expected to rise by another 3.2% within the next year.
Pittsfield home values have risen a healthy 4.6% in the past year and are expected to increase by 2.5% next year. The market is highly favorable to sellers, which occurs when the supply of available homes can’t keep up with the demand for them.
Though Brookline’s market is about as cool as they come in Massachusetts, it remains one of the most expensive places in the state to live. The median home value here is $933,000 and shows very little growth potential in the coming year.
The Best Time to Buy a Home in Massachusetts
If you’re buying a home in Massachusetts, you should acknowledge the market’s seasonality to find the best deals. Historically, winter gives you the most bang for your buck since the market is slow. According to data from Redfin, homes are on the market for an average of 34 days, compared with just 14 days during the summer. The average home sale price during the winter is $407,000 compared to $462,333 in the summer.
Buying during the winter gives you the best chance of getting an optimal price on a home, plus it gives you a little longer to think about your decision before you pull the trigger. When the temperatures rise, so does the competition in the market.
Granted, you may have more inventory to choose from if you wait until the spring or summer. More people list their homes during the warmer weather, but you should plan on paying more as a result.
Check out our guide to learn more about the best time to buy a home in Massachusetts.
The Best Time to Sell a Home in Massachusetts
If you’re selling your Massachusetts home, it’s important to understand your area’s seasonality that will affect your home sale timeline and final selling price.
Homes tend to sell faster during the spring, summer, and fall because the market is more active. Buyers are coming out of the long Massachusetts hibernation that the brutally cold winters create, so consider waiting for warm weather to list your home.
On average, homes listed in the summer stayed on the market for just 14 days. Spring is the next best season with an average of 21 days on the market, followed by fall with 22 days on the market.
However, if you want to get top dollar for your home, summer tends to be the best time of year. The median home sale peaks during the summer at $462,333, compared to just $402,000 in the winter.
The single best month for homes sales in Massachusetts is June, where homes were on the market for just 12 days and had the highest median sale price of $467,000.
Review our guide on the best time to sell a home in Massachusetts for more insights.
How to Find the Perfect Massachusetts Real Estate Agent
Whether you’re buying or selling, working with the right real estate agent in Massachusetts can make the biggest difference in your experience. It’s essential to work with a local agent that knows your unique market conditions and can help you get an optimal outcome.
Clever Partner Agents are full-service, top-rated real estate agents in their local market, with a few minor differences.
For sellers, your Partner Agent can help you save money by working for a discount commission fee. This means you get to keep more of your home sale in your pocket without sacrificing on the level of service you receive.
And for buyers, your Partner Agent provides you with a Home Buyer Rebate of $1,000 simply for working with them on your home purchase. You can use this money to buy points on your mortgage, pay for closing costs, cover moving expenses, or even help with the down payment on your new home.