Methodology
This is a year over year report for single family home listings and sales in Norwell, Massachusetts, and was generated using publicly available information on the MLS. The full data is shown in the image below. The chart compares the Norwell real estate market YTD 2023 to YTD 2024 and was generated on July 14.
Norwell Real Estate Market Listing Activity
The number of listings taken in Norwell YTD in 2024 has held relatively steady, moving from 71 YTD in 2023 to 67. While this represents a decline in listings of 6%, it is a very small sample size. Inventory remains very constrained and not consistent with the trend of increasing inventory in greater Boston.
The average list price of single family homes for sale in Norwell has increased by 20.46%, from $1.051MM to $1.267MM.
Sales Activity
The average days on market has increased from 36 to 38, while days to offer has moved from 26 to 21. The latter is more statistically significant, but again, appears to signal that listing and sales activity is holding pretty constant. Average sales price per square foot has increased 11% from $366 to $406.
Conclusion
Overall the Norwell real estate market is incredibly strong. As an agent I particularly look out for total number of listings, days on market, and average sales price per square foot.
Unlike the markets in Weymouth, Hingham, and Braintree however, the listing activity in Norwell has not increased, nor have days on market decreased. Normally this would indicate a level of stasis, but with average sales price per square foot having increased by 11%, this is a signal that demand for Norwell real estate has increased while supply has remained basically constant.
Are you looking to buy or sell in Norwell? I would love to set up a conversation to chat more about how I can secure you the best price and terms for your transaction by leveraging my expertise on the Norwell real estate market.
コメント