Essex County 2015 Housing Market Review
The SFH market in Essex County continued its recovery in 2015, with the median price increasing by 3% and sales by 10%. Both numbers are just below their prior peaks.
The median price increased 3% in 2015 and is now just 1% below the 2005 peak.
There are always quarterly fluctuations, but for the seventh year in a row the highest median price was recorded in Q3.
Sales have bounced almost 50% from their great recession lows and were almost back to the 2004 peak.
2015 was another solid year in the recovery of the housing market in Essex County. With the Massachusetts economy strong – and the pending move of GE to Boston can only help – and mortgage rates still below 4%, the outlook for 2016 is for another year of increasing prices, which will very likely reach a new high.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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