Is Essex, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Essex was a Buyer's Market.
Key Takeaway
Essex is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Essex, MA
How much do homes in Essex, MA cost?
Median Sold Price
$800,000
$445/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Essex have sold for 6% more than they did a year ago.
Summary: The median home sold price in Essex was $800,000 in May 2024, up 6% from last year, and the median price per square foot was $445.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $452.5K | $925K | +104.4% |
| 2 Bedrooms | $579.5K | $760K | +31.1% |
| 3 Bedrooms | $739.8K | $770K | +4.1% |
| 4 Bedrooms | $809K | $1.1M | +40.1% |
| 5+ Bedrooms | $2.3M | $1.1M | -53.2% |
Summary: Essex housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 104.4%, 2 bedroom homes increased by 31.1%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 40.1%, and 5+ bedroom homes decreased by 53.2%.
Median Sold Price Compared To Nearby Cities
| Manchester-by-the-Sea | $952.5K | $1.2M | +32.3% |
| South Hamilton | $715K | $870K | +21.7% |
| Hamilton | $719K | $872.5K | +21.3% |
| Ipswich | $700K | $750K | +7.1% |
| Essex | $755K | $800K | +6.0% |
Housing Supply in Essex, MA
How many homes are available in Essex, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 13 | +18.2% |
Summary: The Essex real estate market had 13 homes for sale in May 2024, a 18.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 3 | 2 | -33.3% |
| 4 Bedrooms | 4 | 7 | +75.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Essex housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 75%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Essex, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in Essex in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Essex, MA
How long does it take to sell a home in Essex, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 11 Days | -32.4% |
Summary: Homes in Essex had an average of 11 days on market in May 2024, down by 32.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Essex are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Essex; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
