Massachusetts Home Buyer Guide

Single-family home sales in Methuen, Massachusetts, outpaced sales in Haverhill, Massachusetts, in April 2024, while the median price in both cities increased, according to data compiled by the Massachusetts Association of Realtors. 

Although single-family home prices rose in both cities, Methuen is the more expensive real estate market.

Haverhill had fewer single-family sales from January through April, but Methuen had a double-digit increase in houses sold during the first four months of this compared to the same timeframe in 2023.

Haverhill's condominium market had three times the sales in April compared to Methuen. The median condo price grew nearly 15 percent in Haverhill, while Methuen condo prices plummeted about 25 percent compared to April 2023.

The following are real estate market details for the two Essex County cities located on the New Hampshire border in the Merrimack Valley.    

Year to Date Data Comparison (January through April)

Single-Family Properties

• Closed Sales
  • Methuen: 79 in 2024, up from 68 in 2023 (+16.2 percent)
  • Haverhill: 66 in 2024, down from 73 in 2023 (-9.6 percent)
    
    
• Median Sales Price
  • Methuen: $575,000 in 2024, up from $497,500 in 2023 (+15.6 percent)
  • Haverhill: $535,000 in 2024, up from $500,000 in 2023 (+7.0 percent)
    
    
• New Listings
  • Methuen: 89 in 2024, up from 83 in 2023 (+7.2 percent)
  • Haverhill: 84 in 2024, down from 88 in 2023 (-4.5 percent)
    
    
• Percentage of Original List Price Received on Average
  • Methuen: 101.2 percent in 2024, up from 101.0 percent in 2023 (+0.2 percent)
  • Haverhill: 105.7 percent in 2024, up from 99.8 percent in 2023 (+5.9 percent)

Condominium Properties

• Closed Sales
  • Methuen: 22 in 2024, down from 36 in 2023 (-38.9 percent)
  • Haverhill: 59 in 2024, down from 72 in 2023 (-18.1 percent)
    
    
• Median Sales Price
  • Methuen: $377,450 in 2024, down from $388,000 in 2023 (-2.7 percent)
  • Haverhill: $394,900 in 2024, up from $355,000 in 2023 (+11.2 percent)
  
  
• New Listings
  • Methuen: 38 in 2024, down from 47 in 2023 (-19.1 percent)
  • Haverhill: 85 in 2024, up from 71 in 2023 (+19.7 percent)
    
    
• Percentage of Original List Price Received on Average
  • Methuen: 102.3 percent in 2024, up from 100.8 percent in 2023 (+1.5 percent)
  • Haverhill: 103.0 percent in 2024, up from 101.1 percent in 2023 (+1.9 percent)

April Year-Over-Year Data Comparison

April 2024 v. April 2023

Single-Family Properties

• Closed Sales
  • Methuen: 23 in April 2024, up from 17 in April 2023 (+35.3 percent)
  • Haverhill: 21 in April 2024, down from 22 in April 2023 (-4.5 percent)
    
    
• Median Sales Price
  • Methuen: $610,000 in April 2024, up from $560,000 in April 2023 (+8.9 percent)
  • Haverhill: $565,000 in April 2024, up from $532,500 in April 2023 (+6.1 percent)
    
    
• Percent of Original List Price Received on Average
  • Methuen: 103.3 percent in April 2024, up from 103.1 percent in April 2023 (+0.2 percent)
  • Haverhill: 107.1 percent in April 2024, up from 104.4 percent in April 2023 (+2.6 percent)
    
    
• Inventory of Homes for Sale
  • Methuen: 14 in April 2024, down from 20 in April 2023 (-30.0 percent)
  • Haverhill: 17 in April 2024, down from 31 in April 2023 (-45.2 percent)

Condominium Properties

• Closed Sales
  • Methuen: 6 in April 2024, down from 9 in April 2023 (-33.3 percent)
  • Haverhill: 18 in April 2024, up from 16 in April 2023 (+12.5 percent)
    
    
• Median Sales Price
  • Methuen: $362,500 in April 2024, down from $480,000 in April 2023 (-24.5 percent)
  • Haverhill: $430,000 in April 2024, up from $375,000 in April 2023 (+14.7 percent)
    
    
• Percent of Original List Price Received on Average
  • Methuen: 100.9 percent in April 2024, down from 102.1 percent in April 2023 (-1.2 percent)
  • Haverhill: 104.0 percent in April 2024, down from 105.0 percent in April 2023 (-1.0 percent)
    
    
• Inventory of Homes for Sale
  • Methuen: 5 in April 2024, down from 15 in April 2023 (-66.7 percent)
  • Haverhill: 12 in April 2024, unchanged from April 2023 (0.0 percent)

Key Takeaways

• If you're looking for a condominium or townhouse in either Haverhill or Methuen in the current tight real estate market, you likely will have more choices in Haverhill. 

• The lower median single-family sales price in Haverhill is likely fueling more competition for homes than in Methuen, as evidenced by the 106 percent paid on average over the original listing price. For example, on average, home buyers are paying $530,000 for homes listed for $500,000. 

• Whether you are looking for a single-family home or condo in Haverhill or Methuen, inventory is tight. There is less than one month of supply in each category and both cities. What does that mean to prospective home buyers? It's still a strong seller's market. A balanced market between home buyers and sellers is about five to six months.