Newburyport Luxury Real Estate Trend Report

Newburyport Luxury Real Estate Trend Report

  • Alissa Christie
  • 03/16/23

Will Sellers or Buyers luck improve this Spring?

A lot has changed in the Greater Newburyport real estate market over the past few years for both the luxury and broader housing market. Not only did local home values hit record breaking highs with average annual increases in double digits, but the luxury market exploded!

In 2022, there were 90 Sales Above $1 million in Newburyport compared with only 30 in 2018. Towns like Rowley saw sales above $1 million for the first time in 2020 and in 2022 there were almost 20!  It was a perfect storm of low inventory, high demand, low interest rates and a lot of wealth and luxury buyers moving into the area from Boston.

What Is the Current State of the Market?

Compared to mid-March last year, sales are down 35% in Newburyport, and down 30% in Greater Newburyport. The average days on Market are nearly double what they were this time last year. The average sales price is down slightly (about 2% in Newburyport).

The reason? Many buyers and sellers have been cautiously observing the economy and market before making a final decision to buy or sell.  The jump in interest rates and inflation is also an obvious factor.

BUT, the good news is that Buyers now seem ready as mortgage rates are stabilizing. Short term winter rentals on places like Plum Island are coming to an end. Demand is up, and new listings and pending sales are slowly starting to increase.

What is in Store as we Approach the Spring Housing Market? 

We are half-way through March — a time when normally we would expect inventory to increase each week as the peak home buying season is almost upon us! But we are about flat with the number of active listings compared to 2022. 

This week we have seen only two new listings hit the market in Newburyport. 

What does this mean? It is still a prime sellers market. If a home is priced right, we are back to bidding wars and waived inspections. While we can expect to see average home prices start to creep up again, they will not be at the same pace we saw in 2020 and 2021.

Homes That Are Priced Right Are Selling for More Money 

The need to price your house right is so important. Even with low inventory, Buyers in Greater Newburyport, including luxury buyers, are savvy enough to understand when something is overpriced. At the end of the day, pricing your home high, even in today’s market, will net you less in your pocket.

Alissa Christie works with her sellers to accurately price homes to sell quickly and for the most value for her sellers. Some of her current pending homes for sale:

4 Hamilton Way, Newburyport (Click for more information)

8 Salem St., Newburyport(Click for more information)

10 Hancock St., Newburyport(Click for more information)

54 Washington St., Newburyport (Click for more information)

The Penthouse at 22 Aubin St.(Click for more information)

While this spring market is a little different than last year, sellers with proper expectations who rely on a real estate expert for the best advice on pricing will find success!  

Is This a Good Time For Me to Buy or Sell a Home?

The answer largely depends on you. If you’re thinking about buying, be prepared to spend some time looking. Greater Newburyport homes are still in demand and are especially attractive for work-from-home lifestyles.  If you are thinking about selling, contact Alissa Christie to start getting your home ready.

No matter what the market does, you can count on Alissa Christie as the top agent in Newburyport for 2022, to help you buy or sell Newburyport, MA, real estate. When you work with Alissa, you’ll experience outstanding customer service and expert insight that can only come from a seasoned real estate agent. Alissa understands how challenging it can be to buy or sell a home, especially if this is your first time. She takes pride in cultivating relationships with each of her clients and earning their trust. She would love to partner with you when you decide it’s time to buy or sell Newburyport, MA, real estate


Work With Alissa

I am dedicated to helping you navigate the process as seamlessly as possible doing everything I can to help you buy the right home at the right price, or get top dollar for what is probably your biggest financial investment.

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