Massachusetts 2015 Housing Market Review

The Single Family (SFH) market in Massachusetts in 2015 saw a 10% increase in sales and a 3% increase in the median price, returning the latter to within 1% of the 2004 peak.

Sales
The 10% increase in 2015, all of which came in the second half of the year, took sales just above the prior peak in 2004.

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

Median Price
The median price increased a modest 3%, taking it to within 1% of the 2005 peak.

Source: MLS, Oliver Reports

MA_SFH_Median_H_2004_15_dollars

As is quite normal, the highest prices were achieved in Q2 and Q3.

Source: MLS, Oliver Reports

                                              Source: MLS, Oliver Reports

Summary
While it is hard to draw meaningful conclusions from numbers covering 353 cities and towns, the overall picture is of a market that has largely returned to normal.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.

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 I hire to sell my home?

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

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