The 2023 market trends show home sale prices, home inventory, and market timing for Condo, Single, and Multi-Family homes sold in Belmont MA.
The market statistics below reflect changes that have occurred from 2022 to 2023 with notable historical data to provide a broader perspective. The predominant residential property types in Belmont, Massachusetts are Condominium, Single Family, and Multi-Family homes.
Belmont MA Market 2023
Average Sale Prices
Comparison of the average home sale prices for residential Condominium, Single, and Multi-Family homes sold in the Belmont MA market in 2022 and 2023:
| Belmont MA | Average Sale Price 2022 | Average Sale Price 2023 | 1 Year Change |
| Condo | $805,970 | $835,489 | 4 % Increase |
| Single | $1,723,401 | $1,649,439 | 4 % Decrease |
| Multi-Family | $1,219,000 | $1,185,192 | 3 % Decrease |
Home Sale Price Trends
- With an increase of 4% in the average sale price for Condominiums sold in the Belmont MA market in 2023 the increase since 2019 is now 10%.
- For Single Family homes sold in 2023 the average sale price decreased 4% yet the increase over 5 years is 29%.
- The average home sale price decreased 3% for Multi-Family homes in 2023 but increased 23% over the past 5 years.
Belmont MA Market 2023: Home Inventory
Comparison of home inventory for residential Condominium, Single, and Multi-Family homes listed for sale in the Belmont MA market in 2022 and 2023:
| Belmont MA | # Homes Listed 2022 | # Homes Listed 2023 | 1 Year Change |
| Condo | 97 | 73 | 25 % Decrease |
| Single | 157 | 134 | 15 % Decrease |
| Multi-Family | 45 | 31 | 31 % Decrease |
Home Inventory Trends
- The number of Condominiums listed decreased 25% to 73 listings in 2023; a record low level of inventory since before 2003.
- 15% fewer Single Family homes were listed in the Belmont MA market in 2023. The highest number of listings occurred in 2005 with 268 listings.
- In 2023 Multi-Family homes listed for sale decreased 31% to 31 listings; less than half the number listed in 2021.
Belmont MA Market 2023: Days to Offer
Comparison of Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in the Belmont MA market in 2022 and 2023:
| Belmont MA | # Days to Offer 2022 | # Days to Offer 2023 | 1 Year Change |
| Condo | 17 Days | 18 Days | 1 Day Longer |
| Single | 18 Days | 31 Days | 13 Days Longer |
| Multi-Family | 21 Days | 15 Days | 6 Days Shorter |
Market Timing Trends
- For Condominium listings the average number of days to offer increased from 17 to 18 days. The average of 17 to 18 days is the shortest time span considering as far back as 1999. The longest days to offer span occurred in 2000 and 2010 with 122 days.
- Single Family homes in the Belmont MA market received offers 13 days longer which is an increase of almost two weeks. By comparison, the longest average time frame for Single Family was 70 days in 2007.
- The average of 15 days to offer for Multi-Family homes in 2023 ranks as one of the shortest averages since 1999. The longest time frame occurred in 2006 with an average of 65 days to offer.
Market Timing Terminology
The term “Days to Offer” refers to the number of days from the original listing date until the date upon which a seller accepts a buyer’s offer to purchase. This represents the most accurate measurement of market speed because it shows the buyer’s true sense of urgency.
“Days on Market” is a term used to measure the number of days from original listing date to the date a property status is changed in MLS to “under agreement”. This status code is highly subjective and used inconsistently; therefore, “days to offer” is the most reliable measurement for market speed.
Market Perspective: Belmont MA
There is no doubt the spike to mortgage interest rates in 2023 impacted our local real estate markets. Most notably, a decrease of listing inventory also resulted in the rise of home sale prices in some cases. When you are ready to sell your home or buy a new home in the Belmont MA market; keep in mind these market statistics are purely a basic overview and starting point to show recent home sales activity.
I have been tracking these and other pertinent market statistics showing the trends since 1999. By doing so, I can provide the long term perspective to help Clients make educated decisions with confidence and peace of mind. Before selling or buying a home, learn about external forces which can and will impact home sale prices.
Every market is unique; not all markets experience the same impact on home sale prices at the same degree or rate of speed. My Clients receive in-depth market statistics which correlate directly to your specific property type, size, location, and characteristics.
To learn more about my Listing Agent and Buyer Agent services; contact me to schedule a Home Seller Consultation or Home Buyer Consultation.
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Real estate market statistics I watch closely include average home prices in Cambridge, Arlington, Belmont, Medford, and Somerville, MA. To learn more about my services contact me today!
About Tamela Roche, Realtor® – RE/MAX Destiny
