ESSEX COUNTY
MAY - 2025
 | MARKET UPDATE
SINGLE FAMILY HOMES
| | STILL A COMPETITIVE MARKET | ACTIVE
558 ↑
Inventory of Active Listings
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$1,474,486 ↑
Average List Price
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| PENDING
443 ↓
Went Pending
$919,335 ↑
Average List Price
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| | | SOLD
407 ↑
Sold
$918,343 ↑
Avg. Sales Price
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103% ↑
Percent of Original Price
104% ↑
Percent of List Price
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MLSPIN: SF HOMES IN ESSEX COUNTY FROM 05.01.2025 - 05.31.2025
CHANGE AS COMPARED TO LAST MONTH 04.01.2025 - 04.30.2025 |
| | THE INSIDER SCOOP |
May started the month with 485 active single family listings. The market added 633 new listings (238 new listings in the last 2 weeks) giving a much needed boost to inventory. A total of 443 homes went under contract in May, leaving 558 active listings, a 15% increase, to start the June market.
Days on market remained unchanged. This is due to the fast pace that new listings are going under contract. Nearly half of the new inventory (306) were under contract before the end of the month. Additionally, inventory that has been sitting on the market is beginning to go under contract as price reductions have increased.
For the second month in a row, the two most active price ranges for homes under contract/sold in May were $600k-$700k and $1M-$1.5M.
The highest sale price was $4.05M for a waterfront home in Gloucester and the lowest sale price was $313K for a fixer in Amesbury.
The median sale price for a single family home throughout Essex County was $775,000.
What does this mean for Sellers:
Despite the rise of inventory this month, demand continues to outpace supply. As inventory begins to increase, price and condition will determine whether or not sellers receive offer(s) in the first week of marketing. Correctly priced homes are typically under contract within 7-14 days.
That said, the increased inventory is offering buyers more choices. With interest rate volatility and higher prices, sellers must put their best foot forward if they wish to achieve the best result.
Homes priced at market value are selling at an average of 4% over list price. Homes priced higher than market value tend to linger and ultimately sell for less as buyers work to compare market values.
Contact me to explore what it takes to successfully sell your home in today's market!
What does this mean for Buyers:
As new inventory flows into the market, there are more options for buyers. That said, there is limited relief due to increased demand. The best homes are attracting the most buyers, leading to competitive bidding.
The average list price throughout Essex County is $1,474,486. In the month of May, homes sold at an average of 4% over list price.
That said, savvy, well qualified buyers who have gained an understanding of market values are the best prepared to make offers once new inventory has been introduced to the market. Financial preparedness, flexibility and perseverance are the keys to success!
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Mortgage interest rates have shown continued volatility in May due in large part to the economic uncertainty. The Fed has held steady on interest rates despite changes in the 10-year treasury yield.
Instability with the current administration's ever-changing economic policies and uncertainty about the impact on unemployment and inflation have led the Fed to stay the course with current rates. As of this report, the average 30-year fixed mortgage rate was 6.75%.
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