Essex County Median Home Prices Town by Town

This report shows Single Family Home (SFH) median prices for each city and town in Essex County for 2015 compared with 2014. Several towns have a very small number of sales, especially in the first quarter, so I have used the half-year prices to calculate the change from 2014.

The second table shows the towns with the largest increase and decrease year over year. Overall, the message is that prices in both Essex County and Massachusetts have edged up 1% in 2015. As always, there are variations from town to town.

Essex_median_town_q_2014_15

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

 

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

The reason I use longer time periods, representing a greater number of sales, is well illustrated by the example of Nahant in Q1 2014. The median price of $2.6 million looks impressive, but there were just 2 sales: one at $340,000 and one at $4,9 million.

Small numbers can easily produce distortions. The law of large numbers means that the bigger the sample the more reliable the data.

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.

Read Which broker should sell my house?

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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