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Waltham, MA Real Estate Market: 11 Things Homebuyers Should Know

Feb 8, 2021 8:14:46 AM

Waltham, Massachusetts single-family home and condominium prices increased in 2020, but while single-family home sales were down slightly, the number of condos sold fell more than 10 percent.

The following are 11 things prospective homebuyers should know about the Waltham, MA real estate market, according to MLS data compiled by the Massachusetts Association of Realtors.

Smiling family on the sofa at their new home1. The median single-family house price increased 8.9 percent in 2020 to $670,000 from $615,000 in 2019.

2. Since 2011, when the median home price was $375,000, home prices have jumped 78.7 percent over the 10 years. In 2018, the median price was $607,500, and $582,000 in 2017.

3. Home sales declined by four to 317 houses sold in 2020, a 1.24 percent dip from 2019.

4. On average, homebuyers paid 99.9 percent of the original list price in 2020, a 1 percent increase from 98.9 percent in 2019.

5. At the end of December, the available inventory fell 33.3 percent to 18 single-family homes from 27 houses in December 2019. In 2011, there were 67 homes on the market at the end of December.

6. On December 31, 2020, there was less than a month (0.7 months) of single-family inventory, a 30 percent decline from the previous December. About six months of inventory is considered a balanced market between home buyers and home sellers.

[Related: Dedham, MA Home Prices Increase Double Digits in 2020]

7. Condominium prices rose to $533,500 in 2020 from a $505,000 median price in 2019; however, condo prices plummeted 18 percent to $462,450 in December compared to $564,000 in December 2019.

8. The median condo price in 2018 was $495,000 compared to $455,000 in 2017. Since 2011, when the median price was $292,250, condominium prices increased 82.5 percent.

9. Waltham Condominium sales in 2021 declined 11.2 percent to 230 units closed from 259 transactions in 2019. In 2018, 232 condos closed, 268 sold in 2017, and 2011 saw 172 sales.

10. Bucking statewide trends, available condominiums increased 36.4 percent from 1.1 months supply of inventory in December 2019 to 1.5 months in December 2020. There were 28 units on the market in December 2020, five more than the previous December.

11. Homebuyers paid on average 98.6 percent of the original list price for condos in 2020, down 0.4 percent from 99 percent in 2019.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Association of Realtors, Waltham MA

   

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