Essex County Housing Market 2014 Review

Here are the highlights for the Essex County market for 2014. Note the difference between the SFH and condo markets when compared with the prior peak.

Single Family Homes (SFH)
– the median SFH price increased  3% to $380,000, which is 4% below the  2005 peak of $394,000.
sales dipped very slightly, while non-distressed sales increased modestly

Condos
– the median condo price  increased nearly 5% to $252,000, beating the prior peak of $246,000 in 2005
sales were down slightly and are still well below the levels seen in the 2003-06 period

Tax rates
– for FY2015 23 cities and towns have announced a reduction in the tax rate while in 11 towns the rate has been increased.  Note that a reduction in the tax rate does not imply a reduction in the tax bill. I will be publishing a report in the near future on the average tax bill per city and town in Essex County to go with my recent Essex County 2015 property tax rates report.

I will also publish a fuller market report in the near future.

If you – or somebody you know – are considering buying or selling a home, or 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

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

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