Today I’m sharing a January 2021 real estate market report where I’ll compare last January’s numbers to this year. These statistics include the single-family, multifamily, and condo markets.
5,188 homes sold in Massachusetts in January, and 4,965 were sold in January 2020, so we’re seeing a small increase in home sales. The number of days on market is down to 44, and last January it was 65 days, so houses are selling more quickly. Also, prices are continuing to rise. In January, the average price was $575,000; in January 2020 it was $535,000. All these numbers are fairly significant.
We have real estate agents in every town who can help you. Each area of the state will have slight variations to the market data, and it’ll adjust even neighborhood to neighborhood. I believe that with interest rates and inventory remaining low, we’ll continue to see prices grow.
My advice for buyers is to remember that the market is trending upward, so you need to get ahead of it —that often means offering more than list price. If you’re a seller, ensure you’re selling competitively; use the data available, don’t just throw a price onto your listing and hope to get it. If sellers do things correctly, they’ll do extremely well in our current market.
I look forward to sharing February’s data with you when the month is over. If you have any questions about our market or real estate in general, call or email me. I hope to speak to you soon.