The strength of the Norwell real estate market has continued to be strong throughout 2018 and 2019. At this time last year, consumer's real estate purchases were driven partly by the threat of rising interest rates. Interest rates have actually dropped and according to economic forecasts could drop even further. These low rates have enhanced the buyer's affordability, so the low rates have continued to drive the market.
Similar to what we have found in surrounding communities, the luxury market ($1 to $2 million) is a bit slower. The number of days on market averages 130 days and the month's supply averages between 6 and 7 months. Compared to surrounding communities, this is not bad considering Scituate, Hingham and Cohasset average approximately 10 months. The luxury market is considered a balanced market! The sweet spot for pricing in Norwell is between $500 and $700,000, which is the same as 2018. In this price range you have the lowest months supply, highest number of sales, and homes in this price range sell closest to list price.
Year to date Norwell has seen a few less listings, experienced less price adjustments, and a few more sales than in 2018. Overall year to date sales volume is up 6% with the median price flat at $647,500 and the average sale price at $742,500 up 4%.