Lynnfield, MA Home Prices Increase on Tight Inventory in May 2015

Lynnfield, Massachusetts home prices increased while inventory continued to decline in May 2015, according to data compiled by the Massachusetts Association of Realtors.  

The median price of a single-family house increased 8 percent in May to $574,000 compared to $531,250 in May 2014. Through May the median price of a single-family home increased 4.9 percent to $552,500 compared to $526,750 during the first five months of 2014. On average home buyers paid 99.1 percent of the original list price in May, and home buyers on average paid 95.7 percent of the original list price from January through May. 

There were 13 single-family homes sold in May compared to 10 in May 2014. The first five months of 2015 saw 44 home sales in Lynnfield compared to 38 during the same time frame last year. Pending home sales – homes under agreement that have yet to close – were unchanged at 21 in May and increased from 65 to 69 during January through May.

Lynnfield real estate inventory decreased significantly in May. There were 26 single-family homes for sale, a 43.5 percent decline from the 46 houses available in May 2014. The months supply of inventory declined 54.1 percent to 2.0 months compared to 4.3 months in May 2014. New listings increased from 19 in May last year to 24 this past May. 

The average number of days on the market for single-family homes increased 29.8 percent in May, and homes were on the market on average 13.5 percent longer during the first five months of 2015.

There were not any condominiums sold in May in Lynnfield. From January through May, there were 5 condo units sold at a median price of $373,000.