Wow!! What a year for the Real Estate Market across the country, but what happened right here at home? Like other parts of the country and across our state we as a town saw the value of our homes increased dramatically, as did every town across Middlesex county, but where did North Reading fall specifically?
Let’s look at Middlesex county as a whole first, this will give us a good perspective of how our town did compared to the county. Middlesex counties average sale price in 2020 was $786,041.96, in 2021 the average sale price was $892,646,31, which is an increase of price by $106,604.35 or an increase of 13.56%. The number of homes listed were 493. the number of homes listed in 2021 was 301 which is a decrease of 38.95%. This follows right along with the supply and demand affect, higher demand than supply available results in higher prices. This definitely corresponds with the Real Estate comparison between 2020 and 2021 for Middlesex county, but did North Reading follow suit?
North Reading did NOT follow suit, what happened to our town’s Real Estate market is not following suit with Middlesex county nor the state as a whole. In 2020 the average sale price was $684,511.86 and in 2021 the average sale price was $833,201.06 This is a price increase of $148,689.20 or a total percentage increase of 21.72%. So your saying yes we did follow the trends seen across the country, what is she talking about? We actually had a much higher increase in sales price than Middlesex county.
What about the second part of the equation? In 2020 there were 196 units listed and in 2021 there was 200 units listed an increase of 2.04%. So we had more supply (by only 2%) but we did not follow the trends seen across the state or country. The sold units (including listed and private sales) in 2020 was 168 units sold and so far in 2021 there have been 189 units sold for a total increase of 12.50%. Why would we see such a large increase in prices, compared to other towns close to us, this is 100% my personal opinion not based on fact, but I have been observing our housing market for years and in the last 6 or so years I have noticed that our sales prices have steadily increased.
2015 average sale price was $538,652.99
2016 average sale price was $572,111.28
2017 average sale price was $596,946.77
2018 average sale price was $599,511.03
2019 average sale price was $625,758.31
These price increases have been higher than our surrounding communities, I believe that people are discovering our town and like the location for its proximity to Boston, New Hampshire and the North Shore, its community feel, but I personally believe the improvements and the investment the town has made in our children’s education has been one of the main reasons we are becoming such a desirable community to live in. I want to thank everyone for your support over the past 7 years, I hope you will consider calling Farrelly Realty Group to book your personal planning session.