Newburyport Real Estate Market Booming
Posted By: Boston City Properties
There’s never a dull moment in the world of Massachusetts real estate, and the situation in Newburyport is an excellent case in point. Over the last few years, real estate in this once sleepy North Shore city has been booming in every conceivable way. Home values have been steadily increasing for years, and they’ve shot up higher still recently. Many home listings generate multiple offers, and many houses here are selling for at or above asking price in a matter of days. Read on to find out why Newburyport real estate is such a hot commodity these days.
Money Moves into the Clipper City
For many years, Newburyport was a quiet, off-the-beaten-path kind of town. Situated about 37 miles northeast of downtown Boston, this Essex County city thrived for decades as a shipbuilding center. Today, only its nickname – the Clipper City – belies its maritime past. The ambiance of downtown has shifted; several high-end eateries and shops have opened, attracting well-heeled shoppers and diners. Not surprisingly, this increase in upscale options has prompted increased demand for luxury housing – and this phenomenon has helped drive the local real estate market in exciting new directions.
Homes Flying Off Market
Without question, it’s been a seller’s market in Newburyport for some time. Over the last few years, many homes listed for sale receive multiple strong offers within days. New subdivisions are popping up all over the area, and many of the new homes are already sold before a single one is completed. Demand for high-end housing has caused a massive uptick in home values too. In 2016, the median list price was around $722,000; in September 2020, it stood at $1.15 million.
New Construction Booming
Low inventory levels have primarily been responsible for the drastic price increases seen across the Newburyport real estate market. Construction activity has remained strong in the region, except for a downturn due to the COVID-19 pandemic. The National Association of Home Builders confidence index for the area stands at a record high of 90. In December 2019, the index stood at 76; the year prior, it stood at just 56. Thanks to increased demand, builders are clearly confident about building new luxury homes in this thriving Essex County community.
Buyers Biding Their Time
Even with construction activity up, demand for luxury homes in Newburyport continues unabated. Old properties are being gutted or completely torn down and replaced with larger, more upscale homes across the city. The area has become so desirable that some buyers are opting to rent properties until they can find homes to buy, causing increases in rent prices. Empty nesters and people fleeing crowded urban areas like Boston and NYC make up the bulk of buyers in the region, which is quickly adopting a more urban-suburban feel.
Find Homes for Sale in Newburyport with Boston City Properties
Although things change rapidly in the world of real estate, Newburyport is poised to continue its real estate boom for the foreseeable future. If you would like to buy a home in the Clipper City, you’re not alone. Connect with Boston City Properties to find what you need more quickly and easily. You’ll get free, immediate access to our vast online database of searchable MA real estate listings so that you can check availability in a flash. We can also refer you to skilled real estate professionals in Newburyport, so contact us today to learn more.