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Haverhill, MA Home Price Growth Slows; Inventory Remains Tight

Sep 28, 2022 3:20:49 PM

Despite a modest increase in the median price of single-family homes in Haverhill, Massachusetts, in August, home price growth slowed significantly compared to earlier in the year, sales dropped double-digits, but supply remained scarce. 

New homeowners who purchased in Haverhill, MassachusettsAccording to the Massachusetts Association of Realtors, Haverhill, located in Essex County and about 37 miles from Boston, saw the median house price jump 21 percent in April on a year-over-year basis. In August, home prices rose just 1 percent to $506,000 from August 2021. In April, the median price was $542,500. Five years ago, in August 2017, the median house price was $315,000. Statewide the single-home prices increased 8 percent in August

Through August, the median price stood at $521,500, up 13 percent compared to the first eight months of 2021. From January through August 2021, the median single-family home price was $460,000.

Homebuyers paid, on average, 102 percent of the original list price in August compared to 103 percent in August 2021. On average, homebuyers paid 105 percent of the original list price through August compared to 106 percent during the same timeframe in 2021.

Single-family home sales fell 15 percent in August to 46 from 54 in August 2021. Through August, sales were down 9 percent to 259 from 285 during the same period last year.

Related: Is Your Boston Area Realtor 100 Percent Loyal? 

Despite interest rates that averaged more than 7 percent nationwide on September 27, 2022, it's hard to see how home prices could fall quickly in Haverhill with such little inventory. The number of homes on the market plummeted 58 percent in August to just 28 houses from 66 in August 2021. There were 85 single-family homes for sale in August 2017.

About six months of inventory is considered a balanced market between home buyers and sellers. In August, there was less than one month of supply of houses in Haverhill, meaning if no new listings came on the market, there would be no houses for sale in less than 30 days. In August 2021, there were nearly two months of inventory. 

Haverhill condominiums, less expensive than houses, have shown strong price growth despite the headwinds of rising interest rates, a stock market down more than 20 percent, and inflation reaching 40-year highs. It's a testament to homebuyer demand for affordable homes. 

The median condo price rose 9 percent in August to $342,750 from $315,500 in August 2021. Through August, condominium prices have increased 17 percent to $350,000. During last year's first eight months, the median condo price was $300,000. In August 2017, the median price of a condominium in Haverhill was $234,950, more than $110,000 less than this past August. 

Homebuyers paid, on average, 104 percent of the original list price for condos in August compared to 105 percent in August 2021. On average, homebuyers paid 106 percent of the original list price through August, up from 105 percent during the same period in 2021.

Condominium sales decreased 27 percent to 22 units in August and 16 percent to 178 through August.

There were 14 condos on the market in August, 52 percent less than the 29 in August 2021. The number of months of supply dropped 40 percent to about three weeks.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Association of Realtors, Haverhill MA

   

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