The real estate market in Massachusetts is starting to catch national attention lately as prices in Boston continue to rise at an unprecedented rate. After sales of single-family homes rose 10.5% in 2015 with a 16% jump in transactions in the year’s final month, Standard & Poors predicts that home values in Boston will climb by 24% by 2020.
But how has that impacted the value of real estate on the south shore, namely Hanover, MA? According to Trulia.com, the average price per square for a home in Hanover has increased substantially year-over-year. Last June, average PPSF was $197; now, it’s up to $237, a 17% increase! The average price of homes on the market has increased by $5,254 year-over-year for single family homes and condos, bringing the average price up to $646,055.
If we take a step back and look at the surrounding area around Hanover (Pembroke, Weymouth, Norwell, and Hanson), we can see that the south shore market has increased in value at a similar rate.
While the number of total listings for sale on the market in these towns has gone down (422 on the market last year on August 1st versus 370 for sale today), according to MLS, prices have increased over that same timeframe. The median price for homes available has increased from $439,900 to $479,700, an increase of nearly $40,000. The average price has increased by around $9,000.
So what does this increase in price mean when coupled with a drop in supply of 14%? It means that prices will likely continue to increase, so now is a great time to consider Sconset Landing for your next home and lock in your potential savings before next year.