Mark Dickinson logo

Assisting Buyers and Sellers .. since 1982

Broker Associate
RE/MAX On the River
Newburyport, MA

Cell: 978.360.2000
Office: 978.499.8808
Fax: 978.499.8816

E-Mail Mark: Mark@MarkDickinson.net

Essex County Housing Report June 2022

 Essex County June Housing Report 6/12/2022

Year Over Year, May 2022 vs May 2021, Home Prices (Singles + Condos) continued to rise, but at a more modest pace. Unit sales declined and Active Listings and Inventory continued to Fall.

Month Over Month, May 2022 vs April 2022, Home Prices (Singles + Condos) were up. Unit Sales were up strongly which offset any increase in Active Listings which resulted in falling inventory.

30 year mortgage rates have risen dramatically since Jan 3rd from 3.27% to 5.85% and will likely rise to 6+% as the Federal Reserve fights inflation by raising interest rates and reducing its purchase of Government and Mortgage Backed Securities. This will dampen housing demand and slow the rate of price increases.

Bottom line, the Sellers’ Market remains intact as inventory remains at an extremely low level. However, home price increases are slowing down as rising mortgage rates take effect.

      Month Over Month, May 2022 vs April 2022,

  • Median Sold Prices:
    Single Families +6.9%; Condos -1.1%; Multi-Families +14.7%

  • Unit Sales: 
    Single Families +41.0%, Condos +22.5%, Multi-Families -4.8%

  • Active Listings:
    Single Families +12.9%, Condos -8.2%, Multi-Families +9.8%

  • Current Months of Inventory:
    Single Families 1.2, Condos 0.9, Multi-Families 2.1.

    Year Over Year, May 2022 vs May 2021

  • Median Sold Prices: 
    Single Families +5.8%; Condos +9%; Multi-Families +22.5%

  • Unit Sales:
    Single Families -4.9% , Condos +2.9%, Multi-Families -26.8%.

  • Active Listings:
    Single Families -15.3%; Condos -36.8%; Multi-Families -28.5%

  • Months of Inventory:
    Single Families -7.7%, Condos -35.7%, Multi-Families 0%.