2023 Market Update (Q1, Q2, Q3, YTD)

We are bringing forward our Single Family Plymouth County Market Update for Q1, Q2, Q3, and the Year to date.

This market report applies to all of Plymouth County, MA including Abington, Braintree, Bridgewater, Carver, Cohasset, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Holbrook, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Quincy, Rockland, Scituate, Weymouth, and Whitman.

There a few key messages we want to display to start:

  • Closed sales for all properties decreased 17.9% since last September
  • Median sales price for all properties increased 0.2% since last September
  • Inventory of all properties decreased 39.0% since last September

Why are we talking about what may be perceived as negative shifts in the market? To be honest about the trends and emphasize the importance of working with a skilled Real Estate Agent, a seasoned professional who can help you navigate an everchanging market.

Let’s start with Q1 of 2023.

Similarly, in Q1 of 2022 , the median sales price was the same as in Q1 of 2023 at $525,000 but homes moved more quickly with the average DOM just 36 days and DTO 22 days.

Let’s take a look at the Residential Snapshot for Q2 of 2023, for all of Plymouth County.

Interestingly in Q2 of 2022, the median sales price at $575,000 was up versus Q1 of 2022 but lower than Q2 of 2023 and homes still moved more quickly with the average DOM 27 and DTO 16.

Let’s compare this to Q3 of 2023.

In Q3 of 2022, median sales again showed an overall increase as compared to the previous quarter but at $585,000 it was still lower than what we saw in Q3 of 2023. DOM and DTO, however, were about the same in 2022: DOM 28, DTO 17.

And just to show where the market is at, let’s take a look at the Year-to-date numbers.

Year to date, we see average the median price for a home of $587,000 is just slightly higher than in the first three quarters of 2022 which was $560,000. This, coupled with the quarterly increases noted above tells us that in Plymouth County, home prices are still increasing even though it is taking a little longer for homes to sell. This is likely due to low inventory and continued buyer demand.

We want to remind all buyers and sellers that the choice of a realtor continues to be vital in this market. At South Shore SIR, our Global Real Estate Advisors remain well-informed about the changes in market, consumer attitudes, interest rates and other crucial market updates. Selecting your Realtor should be the first step in your home sale or purchase process.

As always, we are here for all of your buying and selling needs, on the South Shore and beyond. Please reach out to us with any questions that you may have!

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