Massachusetts Home Buyer Guide

After increasing more than 5 percent in 2014, Haverhill, Massachusetts home prices have continued to increase in 2015, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a single-family house increased 7.3 percent through May 2015 to $272,500 compared to $254,000 during the same five-month period in 2014. In May home prices declined 2.3 percent to $272,500 from $279,000 in May 2014.

Haverhill home buyers paid on average 96 percent of the original list price from January through May and 96.9 percent of the original list price in May.  

Single-family home sales increased 6.5 percent through May to 132 compared to 124 houses sold during the same time frame in 2014. Pending sales – homes under agreement that have yet to close – increased 11 percent during the first five months of 2015. In May home sales increased to 42 from 41 sales in May 2014. Pending sales jumped 23.1 percent in May to 48.

Similar to many other cities and towns in the Greater Boston Area, Haverhill real estate inventory remained tight in May. There were 123 single-family homes on the market in May, down 8.9 percent. Months supply of inventory declined 10.3 percent to 3.7 months from 4.2 months in May 2014. New listings decreased from 74 in May 2014 to 72 in May 2015. 

Home buyers have been paying more for condominiums too. Through May the median price of a condominium increased 6.4 percent to $183,000. In May prices jumped 22.2 percent to $226,000 compared to $185,000 in May 2014. On average home buyers paid 96 percent of the original list price from January through May and 97.4 percent of the original list price in May. 

Condo sales increased from 29 in May 2014 to 31 this past May. Through May condominium sales declined 9.3 percent to 88 units sold. Pending condo sales spiked 56.3 percent to 50 from 32 pending sales in May 2014. Through May pending sales increased 19.2 percent to 143 units. 

Condominium inventory also declined in May. There were 88 condos on the market in May compared to 94 the previous May. Months supply of condo inventory declined 17 percent to 3.8 from 4.5 months in May 2014. New listings did increase significantly to 65, a 38.3 percent increase from 47 in May 2014.