Haverhill, MA Home Prices Spike, Inventory Plummets in 2020

Haverhill, Massachusetts single-family home prices rose double digits in 2020 and have skyrocketed over the past decade, according to data compiled by the Massachusetts Association of Realtors. 

The median home price increased to $411,500 in 2020 from $355,000 in 2019, a 15.9 percent jump, and the first time the median price of a single-family home in Haverhill, MA exceeded $400,000 in any year. Many prospective homebuyers paid the list price or more in 2020. On average, homes sold for 100.9 percent of the original list price. 

Since 2011, when the median home price was $235,000, prices have spiked 75.1 percent over 10 years. The median price in 2018 was $338,000 and, in 2017, the median house price was $320,000. The lowest median price following the 2008 financial crisis was $229,450 in 2012. 

Single-family home sales increased 2.9 percent in 2020 to 468 transactions compared to 455 in 2019. In 2018, homebuyers purchased 493 homes, and in 2017, 480 houses closed. 

Although home sales grew slightly from 2019, scarce real estate inventory held down sales. At the end of December 2020, there were only 15 single-family homes on the market compared to 51 at the end of December 2019, a 70.6 percent decline. There was less than one-half of one month (0.4 months) of single-family inventory in Haverhill on December 31, 2020, down 69.2 percent from 1.3 months of supply in December 2019. About six months of inventory is considered a balanced market between home buyers and home sellers. 

[Related: Wakefield, MA Real Estate Market: 9 Things to Know]

Condominium prices rose in 2020, but not by nearly as much as single-family homes. On the other hand, the median condo price increased slightly more over the past 10 years. 

The median condominium price increased 4.2 percent to $270,000 from $259,000 in 2019. Since 2011, when the median condo price was $146,250, condominium prices jumped 76.1 percent. In 2018, the median price was $244,950, and the median condo price was $223,000 in 2017. 

The number of units sold dipped 4 percent in 2020 to 383 from 399 sales in 2019. There were 394 sales in 2018 and 405 closed transactions in 2017. Homebuyers purchased 168 condominiums in 2011.  

At the end of December 2020, there were only six condo units on the market compared to 27 at the end of December 2019, a 77.8 percent decline. There were 0.2 months of condominium inventory in Haverhill at the end of December, down 75 percent from 0.8 months of supply in December 2019.