North Shore | Real Estate Market Update | October 2022

The real estate market has certainly been on the minds of many as interest rates and inflation have continued to rise. Though there has been a lot of talk about an impending "crash," the market data does not support this notion. What we saw was a market that was starting to align more with a pre-pandemic market. It is important to note that almost across the board, the average sales price was up from a year ago. What is different is that instead of sale price to list price ratios hitting over 105, we are seeing more close to 100. This means homeowners are still getting asking price and over, just not quite as far over as a year ago. Similarly, the days on market are up from a year ago, but are still low with almost all under 30 days.

Another important note is that both the total number of new listings and listings sold are down year over year. This tells us demand will still be high with such little inventory. Our take: we are in the sweet spot of the market, where sellers do not have significant amount of competition and can still get asking price for their home (if priced appropriately) and buyers now have far more ability to have accepted offers with inspection and mortgage contingencies and without the extreme competition and bidding wars.

SOURCE VIA MLS; TOTAL SOLD MARKET STATISTICS SEPTEMBER 2022 VS. SEPTEMBER 2021, ON-MARKET SNAPSHOT AS OF 10/11/2022
NORTH SHORE DATA INCLUDES: BEVERLY, ESSEX, GLOUCESTER, HAMILTON, IPSWICH, MANCHESTER, MARBLEHEAD, ROCKPORT, SALEM, WENHAM 


North Shore Averages

Here is a look at the data for select cities and towns in the North Shore combined, based on MLS data for the month of September 2022 with comparison to September 2021.

NORTH SHORE DATA INCLUDES: BEVERLY, ESSEX, GLOUCESTER, HAMILTON, IPSWICH, MANCHESTER, MARBLEHEAD, ROCKPORT, SALEM, WENHAM 

203

NEW LISTINGS

2021: 259

$824,732

AVG SALES PRICE

2021: $788,486

21

AVG DAYS TO OFFER

2021: 16

180

HOMES SOLD

2021: 202

102

SALES PRICE: LIST PRICE

2021: 104

Manchester-by-the-Sea + Essex

8

NEW LISTINGS

2021: 9

$1,631,125

AVG SALES PRICE

2021: $1,445,875

18

AVG DAYS TO OFFER

2021: 19

8

HOMES SOLD

2021: 8

105

SALES PRICE: LIST PRICE

2021: 102

Gloucester

26

NEW LISTINGS

2021: 25

$899,646

AVG SALES PRICE

2021: $978,027

34

AVG DAYS TO OFFER

2021: 13

28

HOMES SOLD

2021: 22

100

SALES PRICE: LIST PRICE

2021: 105

Beverly

34

NEW LISTINGS

2021: 57

$599,481

AVG SALES PRICE

2021: $603,558

15

AVG DAYS TO OFFER

2021: 8

31

HOMES SOLD

2021: 43

103

SALES PRICE: LIST PRICE

2021: 107

Salem

60

NEW LISTINGS

2021: 71

$558,884

AVG SALES PRICE

2021: $499,243

18

AVG DAYS TO OFFER

2021: 15

51

HOMES SOLD

2021: 57

103

SALES PRICE: LIST PRICE

2021: 103

Hamilton + Wenham

23

NEW LISTINGS

2021: 23

$946,302

AVG SALES PRICE

2021: $1,136,982

15

AVG DAYS TO OFFER

2021: 37

11

HOMES SOLD

2021: 22

103

SALES PRICE: LIST PRICE

2021: 102

Ipswich

16

NEW LISTINGS

2021: 20

$881,921

AVG SALES PRICE

2021: $857,578

25

AVG DAYS TO OFFER

2021: 11

14

HOMES SOLD

2021: 15

101

SALES PRICE: LIST PRICE

2021: 106

Marblehead

25

NEW LISTINGS

2021: 39

$1,125,643

AVG SALES PRICE

2021: $984,110

19

AVG DAYS TO OFFER

2021: 19

31

HOMES SOLD

2021: 26

102

SALES PRICE: LIST PRICE

2021: 105

Rockport

11

NEW LISTINGS

2021: 15

$912,417

AVG SALES PRICE

2021: $924,065

19

AVG DAYS TO OFFER

2021: 19

31

HOMES SOLD

2021: 26

102

SALES PRICE: LIST PRICE

2021: 105

See how much your home would sell for, today.

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