While there is conflicting information, our market remains strong.
Today, we are taking a closer look at the real estate market in Lowell. Currently, some interesting trends are happening in the market. To begin, let’s look at the inventory of single-family homes, condos, and multi-family homes in Lowell. Compared to last year, listing inventory for single-family homes is down 42%. For condos, it’s down 22%, and for multi-family homes, it’s down 19%.
As a result of the tight inventory, prices have risen significantly, and sales have decreased. Sold units for single-family homes are down 15%, while condos are down 20%. However, there has been a jump in sales for multi-family homes, which may be due to lower prices.
The average sales price has increased by 2% for single-family homes and by 11% for condos. On the other hand, prices for multi-family homes have decreased by 10%. The condo market is currently the strongest due to the lower barrier of entry for pricing, with prices moving up to the $200,000 to $250,000 range.
Overall, the market in Lowell is expected to remain stable, with low inventory and stable prices for the next six months. Despite conflicting data, Lowell’s real estate market remains strong. If you have any questions, please feel free to reach out to me by phone call or email. I would be happy to serve as your resource for all of your real estate needs.