Massachusetts Home Buyer Guide

Regarding median price, the North Andover, Massachusetts, real estate market cooled slightly in 2023, but inventory remained extremely tight, so home buyers should expect continued competition for homes in 2024.

Prospective home buyers should know about the following nine data points the Massachusetts Association of Realtors compiled.

(1). While the median price of a single-family home jumped 16 percent year-over-year in December to $823,750 from $707,500, prices for houses fell 5 percent in 2023 to $851,500 from $895,000 in 2002.

(2). Sales were up in December. There were 18 sales, an 80 percent increase from 10 in December 2022. For the year, sales plummeted 20 percent to 176 single-family sales from 221 in 2022.

(3). The sales decline is the result, in part, of scarce inventory. Only five houses were on the market in North Andover at the end of December, a 55 percent drop from 11 in December 2022.

(4). The five available houses translate into about two weeks of inventory. About five to six months of supply is considered a balanced market between home buyers and sellers.

(5). The lack of inventory has spurred competition among home buyers. Home buyers in 2023 paid more than the list price because of the competition. Single-family homes sold for about 104 percent of the original list price in 2023, down from 105 percent in 2022.

(6). Only seven condominiums were sold in December 2023, two more than the previous December. Condo sales plunged 28 percent in 2023 to 99 from 138 in 2022.

(7). Median condo prices jumped 22 percent in December to $350,000, but price growth was more modest for the entire year. Condominium prices rose 2 percent in 2023 to $365,000 from $357,500 in 2022.

(8). Only four units were available at the end of December, and about two weeks of condominium supply.

(9). North Andover home buyers paid 102 percent of the original list in December 2023 and nearly 104 percent during 2023 for condominiums.

In summary, the North Andover, Massachusetts, real estate market experienced a mix of cooling prices and intense competition in 2023. While the median price for single-family homes declined from the previous year, the demand remained high due to scarce inventory.

The scarcity of available properties, with only a few weeks' worth of inventory for houses and condominiums, continued to drive sales above the list price. Despite a slight decrease in the percentage paid over the list price for homes compared to 2022, home buyers in North Andover should anticipate continued competition in 2024.