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Haverhill single-family home and condominium prices increased in 2023 compared to 2022, but price growth slowed, according to data compiled by the Massachusetts Association of Realtors (MAR).
The median price of a single-family home rose nearly 6 percent in 2023 to $527,5000 compared to $500,000 in 2022. In 2022, the median house price rose about 9 percent compared to 2021, and in 2021, prices rose 12 percent compared to 2020. House prices grew 16 percent between 2019 and 2020.
The median price of a single-family home has grown 57 percent over the last five years, from $335,000 in 2018 to $527,500 last year.
In December, the median house price jumped 12 percent to $505,000 from $450,000 in December 2022.
Haverhill Condominium Prices Increase
The median price of a condominium in Haverhill increased nearly 6 percent to $375,000 from $355,000 in 2022.
The median condo price grew 53 percent over the last five years, from $244,900 in 2018 to $375,000 in 2022.
In December, the median price of a condominium was $375,000, a nearly 10 percent jump compared to $342,000 in December 2022.
Haverhill Home Sales Drop Double Digits
Single-family home sales fell 23 percent in December to 20 compared to 26 houses sold in December 2022. For 2023, there were 282 sales, a 25 percent drop from 374 homes sold in 2022.
There were 25 condominiums sold in December, a 25 percent jump from 20 units sold in December 2022. Condo sales dipped 5 percent in 2023 to 253 compared to 265 last year.
Single-family pending sales – properties with a signed contract that have yet to close – were up 57 percent in December to 22, while pending condominium sales were down 58 percent, from 19 to only eight, MAR reported.
Haverhill Real Estate Inventory Tight
Rising home prices and falling home sales directly result from so few homes on the market in Haverhill.
There were 14 single-family homes for sale at the end of December, a 52 percent decline from 29 in December 2022. The 14 houses for sale translated into about three weeks of inventory. A balanced market between home buyers and sellers is about five to six months of inventory.
Home buyers only had seven condos to choose from last month, a 36 percent drop from 11 for sale in December 2022. The seven units available amounted to less than two weeks of inventory.
Did Haverhill Home Buyers Pay Over Listing Price?
Home Buyers in Haverhill paid about 103 percent of the original listing price for single-family homes in 2023, about the same as in 2022. Home buyers paid nearly 100 percent of the original listing price in December, more than the 97 percent in December 2022.
Condo buyers paid about 103 percent of the original listing price, down from nearly 105 percent in 2022. Home buyers paid 102 percent of the original listing price in December and December 2023.
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