Methuen Condos

Methuen was incorporated in 1726, and it was initially part of Haverhill. It is located in Essex County, and it has a population of about 47,255 residents. The town was once a center of industrial activity, and its numerous warehouses and industrial buildings are still used for commercial activities and mixed-used purposes today. The town's historic charm and proximity to Boston make it a popular place to live. Housing prices are still relatively low compared to Boston and many towns in the Greater Boston area, which also adds to its appeal. While single-family homes are a popular choice, townhouses are also a viable option for people moving into the town. The advantage of these homes is that they are generally less expensive than homes and easier to maintain.

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In the first part of 2018, the median home value in Methuen is $343,400. This is about 7.3% more than the average home value in 2017. Median home values are expected to rise, and experts predict they will be about 3.5% higher at the end of 2019 than they were at the start of 2018. The median sales price of homes in this town is $313,400, and the median listing price is $339,900. In price per square feet, that number breaks down to $214, which is below the average of $268 per SF in the Greater Boston area. Housing prices for all types of homes are also influenced by foreclosure rates. In this town, about three homes are foreclosed out of every 10,000, which is above the rate of 1.6 homes foreclosed in every 10,000 nationally. The rates of delinquent mortgage payments are marginally higher here (1.7%) than they are across the country, which has a rate of 1.6%. Nearly 7.5% percent of homeowners in this town are underwater on their mortgage payments, which is slightly more than the rate of 6.3% in the Boston metropolitan area. Financially, the market is considered to be healthy, with a rating of 6.9 out of 10. About 7.4% of homes carry negative equity here, which is below the national rate of 10%.

Among townhouses, the average sales price is a little over $308,000. These sales prices are rising, as evidenced by the fact that since 2017, nearly half of the market has contained properties priced between $600,000 and $800,000. Approximately 25% of homes on the market have a selling price of somewhere between $200,000 and $400,000. Homes with a sale price of less than $200,000 and over $800,000 have the smallest numbers of market shares among new listings. In terms of actual selling price, the market is dominated by homes priced at $200,000 to $400,000. Places sold at a price of $200,000 are not far behind. The smallest segment of the sales market is for properties with a minimum sales price of $800,000. In the past, April and May have been the top months for new listings, while June has been the busiest month for actual sales. In 2017, new listings reached their peak in May, when about 20 new places were posted for sale. April was the second most active listing month, with about 17 homes posted for sale. Nearly $7.5 million worth of houses were sold in June of 2017. The slowest month in 2017 was February, when there was a $662,000 sales volume posted for units. The longest time properties spend on the market for both list and sale price is in the category of $800,000 to $1 million. Based on list price, properties in this price range for list price stayed on the market for about 158 days. The same price group stayed on the market for 436 days based on sale price. Homes priced at $600,000 to $800,000 spent, on average, 130 on the market for their list price, and 176 days on average for a sale price. Houses with a listing price of $200,000 to $400,000 had an average time on the market of 100 days.

If you are considering buying a townhouse here, the first thing you'll want to do is plan financially for the purchase. This means looking at and applying for loans, and ideally getting pre-approved for a mortgage. Figuring out your financial possibilities for a new home can save quite a bit of time, as it helps you narrow your list realistically based on price. It is also a good idea to visit a home at least once in person once you find one in the location and price range you want. In doing so, you'll establish a relationship with the current homeowners and get a good feel for the area. Once you've made a decision, it's time to close the deal and sign the final sales contract.

As a seller, you'll want to make sure your place is as presentable as possible. After all, you only have one chance to impress a prospective homeowner. A clean home is a happy home, and it can also help you command a higher asking price. After fixing up your home, you're ready to take pictures for advertising and show it in person. Creating online and print ads for your home is the next step to get in front of a larger audience. Then, you'll progress to scheduling open homes and eventually signing a closing contract.

Regardless of whether you're looking to get a new home or sell yours, we're here to help! Contact our office today with any questions or concerns you have or any advice you need.

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