Year Over Year Quarterly Market Report for Single Family Home Sales Located in Bristol, Norfolk, and Plymouth Counties

Bristol County:

Bristol County had a roughly 2.12 percent increase in the average single-family sales price up from $485,605 in the first quarter of 2022 to $495,891 for the first quarter of 2023.

The number of single family home sales fell by roughly 34.82 percent from 770 sales in the first quarter of 2022 to 599 in the first quarter of 2023.

Inventory for single family homes were up by 54 percent in the first quarter of 2023 compared to the first quarter of 2022.

Norfolk County:

Norfolk County had a roughly 5.22 percent decrease in the average single-family sales price, down from $913,089 in the first quarter of 2022 to $865,386 for the first quarter of 2023.

The number of single family home sales fell by roughly 18.2 percent from 869 sales in the first quarter of 2022 to 711 in the first quarter of 2023.

Inventory for single family homes were up by 55 percent in the first quarter of 2023 compared to the first quarter of 2022.

Plymouth County:

Plymouth County had a roughly 4.3 percent increase in the average single-family sales price up from $610,001 in the first quarter of 2022 to $636,174 for the first quarter of 2023.

The number of single-family home sales fell by roughly 25 percent from 935 sales in the first quarter of 2022 to 701 the first quarter of 2023.

Inventory for single family homes were up by 77 percent the first quarter of 2023 compared to the first quarter of 2022.

Despite the number of single-family home sales dropping for the first quarter of 2023 when compared to the first quarter of 2022, and inventory increasing, we are still in a very hot seller’s market as inventory is still at all-time lows.

In real estate inventory is measured by months of supply. A month of supply refers to the number of months it would take for all the current (listed) inventory of homes to sell, if no more inventory was added to the market, based on the current sales pace.

When inventory levels are at three months or below the market is considered a “Seller’s Market”. When inventory is at six months or above it is considered a “Buyer’s Market”, and inventory between three and six months is a neutral market.

Inventory levels at the end of the first quarter of 2023:

Bristol County:       1.6 months

Norfolk County:     1.3 months

Plymouth County: 1.57 months

If you are interested in learning what your property value is, or if you or someone you know is considering selling or purchasing real estate, please feel free to contact me for a no obligation Market Analysis of your home, or to help get you on the road to homeownership.

Information provided through the Multiple Listings Service/Property Information Network