Of the 41 towns that we identified as Metro West towns, 7 towns had home prices go down. I think we can consider that a successful year… Well for homeowners that is.
We will talk a look at the top 5 Metro West Performers as well as the bottom 5 performers for Single Family homes in 2023. There is no exact science as to where the start of Metro West begins and ends and where we consider central Mass begins.The data is great, but what are the exact towns is up for a little interpretation.
Real quick. My name is Jeff Chubb and I am a retired investment banker turned real estate agent that has sold more than a 1,000 homes. If you have real estate questions, then I am here to help.
Alright, let’s start with the top appreciating towns in the Metro West market.
The 5th top performing town in the Metro West market was Hudson, Massachusetts. Hudson saw 101 homes close in 2023 which was a top 5 town high of a 37.7% decrease in sales. The 101 sales are compared to the 162 Single Family Home sales in 2022. The average sales price in 2023 was $649,404 which was a 13.4% increase in pricing from the $572,500 in 2022. Median pricing was up, but not as much. The median price was up 8.7% in 2023 at $600,000.
The fourth top performing town in the Metro West market for 2023 was Bellingham, Massachusetts. Bellingham saw 131 Homes close which was a 24.7% decrease in sales activity to the 2022 sales levels of 174. The average sales price in 2023 was $552,962 which was a 14.2% increase from the $484,289 average sales price in 2022. The median price was pretty similar to the average pricing of $518,000 was a 13% increase in the median pricing.
The Third best performing town in Metro West was Millis, Massachusetts. The 64 single family homes that closed represented a sales decrease of 24.7% as there were 85 sales in 2022. The average sales price of $755,517 in 2023 was 16.9% higher than the average sales price in 2022 which was $646,560. Median pricing in Millis was up 13.3% for 2022 at a sales level of $679,900.
The second best performing town in Metro West for 2023 was Westborough. Westborough recorded 98 home sales in 2023 which was a 30.5% decrease in sales activity as there were 141 closed units in 2022. The average sales price of $890,605 was 17.1% higher than the 2022 average sales price of $760,711. The median price was up 20.9% as the 2023 median price was $852,500.
And that leads us to the best performing town in Metro West of Boston for 2023. Groton, Mass had 93 Single Family homes sell which was an 18.4% decline in sales levels. The average sales price in 2023 was $872,700 which was a 20.9% increase over the 2022 average sales price of $872,700. The median pricing showed a little different of a story however. The median price increased 7.6% in 2023 to a sales price of $802,000.
And that brings us to the biggest losers in the Metro West market. As I mentioned earlier, there were only 7 of the 41 towns that showed price declines!
The fifth worst performer in the Metro West market was Medfield, Massachusetts. We had 99 Single Family homes close in 2023 which represented a 29.3% decrease in sales levels as there were 140 sales in 2022. The average sales price of $1.014 million was down 1.8% from 2022’s sales price of $1.032 million. The median pricing was down 7.4% in 2023 with a median price of $904,000.
The fourth worst performing town in the Metro West market was Needham, Massachusetts. There were 227 Single Family homes that closed in 2023. This was a 15.6% decrease in sales from the 2022 sales level of 269 units. The average sales price of $1.642 million was down 2.4% from the 2022 average sales price of $1.681 million. The median price was down slightly. The $1.495 million represented a .3% decrease in the median sales price.
The third worst performing market in the Metro West was Norfolk, Massachusetts. Norfolk saw 86 homes close in 2023 which was 30.1% below the sales levels of 123 units in 2022. The 2023 average sales price was $766,573 which was a 3.8% decrease in pricing from the 2022 average sales price of $797,115. However the median price was up 1.4% in 2023 with the median price of $750,000.
The runner up for worst Metro West performer is Boxborough, Massachusetts. Boxborough had 36 Single Family homes close in 2023 which equated for a 16.3% decrease in sales activity when compared to the 43 sales in 2022. The average sale price of $902,388 was 12.4% lower than the average sales price in 2022 of $1.030 million. The 2023 median pricing faired a little better as it was down 7.8% on a median sales price of $899,000.
And that brings us to the worst performing market in the Metro West market. Lincoln, Massachusetts sold 42 homes in 2023 which was only one unit or 2.33% less then the 43 sold homes in 2022. The average sales price was down 17.1% on an average sales price of $1.465 million. This is compared to the $1.767 million average sales price in 2022. It was a little better when looking at it from the median pricing viewpoint as the median price for 2023 was $1.415 million which was 13.2% below the 2022 median price of $1.63 million.
Curious about what was going on in the North of Boston, South of Boston, the Boston Metro Market in 2023 or Maybe about Quincy Homes for Sale ? Well then be on the lookout for those videos. You should also check out my 2024 Real estate market conditions video as well…
As always, I truly appreciate you keeping me in mind should you or anyone you know are thinking about buying or selling a home in 2024!
And let me know if you have any questions. You can drop me a line in the comment section below or I invite you to reach out to me as all my contact information is in the description below.
So until next time.