North Shore Real Estate – Market Review

by Christopher Bernier – Principal Broker and Owner of Churchill Properties

The old adage “All real estate is local” is never more relevant than when the real estate market is experiencing significant change, as it did in 2022. What is happening nationally, or in Massachusetts as a whole, often does not reflect what is happening in local markets. As such, my comments on the North Shore refer specifically to the group of towns listed below.

The number of single-family homes sold on the North Shore in 2022 fell by 14%, to 2921 homes, versus 2021. This expected decline was the result of the increase in interest rates which peaked in November of 2022 at 7.1% and have since declined into the 6% range. The median price of a home on the North Shore increased 3.6% in 2022, above the 2021 median, to $710,000.

As of February 15, 2023, the inventory of homes available, although above 2022 levels, remains low for both condominiums and single-family homes. There is less than one month of available inventory in both categories and Buyer demand remains very strong in all price ranges. New listing and pending sale units for single family homes thus far are similar to 2022 levels. We anticipate the strong demand and the decrease in interest rates to sustain a rate of sales similar to 2022 in 2023 with a modest appreciation in prices.

Luxury market unit sales ($1M+) increased 7.3% in 2022 over 2021 to 625 sales, representing 21% of the total market unit sales. Of these, 61% closed between $1M and $1.5M with the highest price sale of $7,150,000. in 2022 (MLS only). The luxury market continues to experience strong demand as real estate is viewed as a relatively stable asset class in uncertain times. We anticipate these trends to continue in 2023.

In summary, despite the many and significant economic and geo-political events affecting the United States and the world, both the Massachusetts and North Shore real estate markets continue to experience strong demand, a brisk pace of sales, and are relatively stable thus far in 2023 when compared to 2022. If you are considering a move, contact us today for exceptional and personable service that will make your next move an enjoyable and rewarding experience. Thank you.

Chris Bernier is the owner and principal broker of Churchill Properties. Chris has held numerous leadership roles in residential real estate in the greater Boston area over the last 30 years. Prior to Churchill Properties, he was the Chief Operating Officer in New England for Coldwell Banker including more than 80 offices and 3,500 agents. Chris served for several years on the board of directors of Massachusetts largest MLS - MLSPIN. As a real estate broker, Chris was recognized for ranking in the top 1% of brokers for closed sales volume.

North Shore Towns - Amesbury, Beverly, Boxford, Danvers, Essex, Georgetown, Gloucester, Groveland, Hamilton, Ipswich, Lynnfield, Manchester, Marblehead, Merrimac, Middleton, Newbury, Newburyport, Peabody, Rockport, Rowley, Salem, Salisbury, Swampscott, Topsfield, Wenham, West Newbury.

Imagine Artist + Architect & the love and care spent designing, remodeling & living their lives for more than two decades in this splendid home! Here they gave meticulous thought to every detail. Outside they planted gardens to bloom in stages.

Ipswich $1,225,000

The Daniel Lummus house, circa 1686, is a beautiful antique home where no detail has been overlooked. Lovingly restored/preserved, it retains historic elements while adding modern conveniences, an updated roof, windows, and all mechanical systems.

Andrea Lacroix

508-561-1161

13 room estate is privately situated on 10 acres including an approved and subdivided 2.1-acre buildable lot. The 18th century style colonial with nine working fireplaces has been restored and elevated by the current owners who specialize in the restoration.

This home represents the final phase of new construction at Turner Hill. Situated on 320 acres and located minutes from the Village of Ipswich this community is the Premier Development on Boston's North Shore.

Impressive Contemporary, surrounded by beautiful conservation land, within steps to the path leading to private COFFINS BEACH. This expansive home has plenty of living area including a finished walk-out level with a 14 seat home theater and game room.

Held in nature’s gentle embrace, “The Refuge” is a hillside sanctuary with over 2 acres of unsurpassed privacy! This architect-designed contemporary home celebrates the maximization of space and light. A flexible floor plan and soaring ceilings.