North Shore | Real Estate Market Update | April 2023

As we look at the North Shore real estate market in 2023 compared to the previous year, there are some significant changes to note. According to MLS data, the market has continued to remain strong, with increases in both the number of homes sold and their median sales price.

One factor contributing to the strength of the market is the continued demand for homes in the area. North Shore boasts beautiful coastline views, excellent schools, and a vibrant local community. As more people continue to work remotely, many are looking to escape city living and find a more peaceful and scenic environment to call home. This has driven up demand for homes in North Shore and other similar areas across the country.

Another factor impacting the market is the continued low inventory of homes for sale. This has been a trend seen across the country, with many homeowners choosing to hold onto their homes rather than sell. This has created a seller's market, with buyers often competing over limited inventory. 

Despite the low inventory, there were still plenty of homes being sold in North Shore. According to MLS data, the average days on market for homes in 2023 was 41 days, compared to 49 days in 2022. This indicates that even in a competitive market, homes are still selling relatively quickly.

Another trend seen in the North Shore real estate market is the increasing popularity of luxury properties. In 2023, there were 28 homes sold for over $2 million, compared to 18 in 2022. This represents a 55.6% increase in the number of luxury homes sold. These luxury properties often offer stunning ocean views and top-of-the-line amenities, making them highly sought after by buyers.

As we look ahead to the rest of 2023, it is likely that we will continue to see a strong real estate market in North Shore. With interest rates still lower than in the fall, and demand for homes remaining high, buyers will continue to look for homes in the area. The low inventory of homes for sale will likely continue, creating a competitive market for buyers. This means that sellers who price their homes competitively and present them well will have the advantage.

For those looking to buy a home on the North Shore it is important to work with an experienced real estate agent who can help navigate the competitive market. Buyers should also be prepared to act quickly when they find a home they love, as it may not stay on the market for long.

In conclusion, the North End real estate market in 2023 is strong, with increases in both the number of homes sold and their median sales price. Demand for homes in the area remains high, driven by the scenic coastline views and excellent schools. Despite low inventory, homes are still selling relatively quickly. The popularity of luxury properties is also on the rise. As we look ahead to the rest of 2023, it is likely that we will continue to see a strong real estate market in Cape Ann, creating a competitive market for buyers.