If you're considering buying a home in Danvers, Massachusetts, or Peabody, Massachusetts, the latest market trends offer helpful insights.
Danvers has shown strong growth in condo sales and prices, but fewer listings are available for single-family homes. Meanwhile, Peabody's single-family market remains active with rising prices and more listings, while the condo market has slowed. Understanding these local trends can help you make an informed decision and navigate today's shifting housing market.
Danvers: Closed single-family sales remained the same at 12. The median sales price increased nearly 12 percent to $755,000 from $677,000 in September 2023. The percentage of the original list price received was 102 percent. The number of houses on the market decreased by 48 percent to 11 homes.
Peabody: Home buyers bought 27 percent more houses in September year over year (15 to 19) and paid 16 percent more ($678,000). Home buyers paid, on average, 101 percent of the original list price. Inventory went in the opposite direction in Peabody. The supply of single-family homes jumped 80 percent, reaching 27 houses.
Danvers: There were 11 condominium sales in September, a 57 percent increase from seven units sold in September 2023. The median sales price surged by the same percentage as sales (57 percent) to $528,000. Home buyers paid, on average, 100 percent of the original list price, down nearly 6 percent, despite the sales and price jump. Inventory increased 29 percent to nine units.
Peabody: Condominium sales dropped 50 percent to five, and the median condo price increased more than 20 percent to $572,000. Home buyers paid, on average, 101 percent of the original list price, dipping 4 percent. Home buyers had fewer condos to choose from, with supply plunging 69 percent to five units.
Between Peabody and Danvers, the most notable difference was inventory. In September, Danvers' single-family inventory dropped 48 percent while rising 80 percent in Peabody compared to September 2023. With condominiums, the communities switched, and the Danvers condo market saw a 29 percent rise in inventory. Peabody experienced a decrease in condos for sale, falling 69 percent.
Danvers: Through September, single-family home sales dropped nearly 5 percent to 107 from 112 during the first three quarters of 2023. The median sales price rose 4 percent, reaching $700,000. New listings decreased by 5 percent (128 to 122). The percentage of the original list price received slipped slightly to almost 102 percent.
Peabody: Single-family sales increased 13 percent (169 to 191) during 2024's first nine months on a year-over-year basis. The median house price rose 9 percent, reaching $680,000. New listings grew by nearly 29 percent (185 to 238). Home buyers paid, on average, 103 percent of the original list price.
Danvers: Home buyers purchased 68 condominiums through September, a 42 percent jump from 48 during the same timeframe in 2023. The median condo price increased 7 percent to $497,500. New listings rose significantly, up 41 percent (58 to 82). On average, home buyers paid 101 percent of the original list price.
Peabody: Condominium sales fell 15 percent (67 to 57). The median condo price decreased about 1 percent to $465,000. New listings dropped more than 25 percent (82 to 61). The percentage of the original list price received declined to 101 percent.
The difference in the number of new single-family home listings in 2024 between Peabody and Danvers was significant. Given that new listings have dropped by 5 percent, Danvers' inventory will likely remain tight. Peabody saw new listings grow 29 percent, and its supply of houses may continue to grow. Home buyers should have more single-family homes to consider and maybe less competition in the coming months.