2015 Medfield MA Real Estate Market Review 
Looking outside today at the blue skies and bright sun I have to say that I am SO grateful! Remember this time last year when we had just been hit by Winter Storm Juno?
Despite the slow start, there were 159 single family homes sold in Medfield in 2015. This represents a 13% increase in the number of single family homes sold over 2014 (as per MLS). This was the largest number of single family homes sold in one year in Medfield MA since 2004.
The Medfield MA real estate market ended 2015 with an average sale price of $694,013 for single family homes, the highest since 2005 and a 1.75% increase in average sale price from 2014.
In 2015, home prices in Medfield MA ranged from as low as $265,000 for a 4 bedroom, 2 bathroom split-level marketed as a "contractor special" on 29 Hearthstone Drive to $1,920,000 for the 5,168 sq. ft. home at 43 Quarry Road with 5 bedrooms and 4 full bathrooms and 3 half bathrooms.
Here's a chart which shows the number of single family homes sold in 2015 in Medfield MA by price range.
Consumer confidence rose in 2015 with lower unemployment, a rebounding local economy and continued low interest rates. This created a steadily growing housing market throughout much of New England. Looking ahead, the real estate market for 2016 in Medfield continues to looks healthy based on these factors.
As in past years, interest rates will continue to be an important factor to watch in 2016. While the Federal Reserve has committed to raising rates slowly so as not to derail the strengthening economy, interest rates are still at historic lows at under 4%. Rates are projected to rise during the year but according to a report from Trulia Chief Economist, Selma Hepp, Americans would need to see mortgage rates exceed 6% to discourage them from purchasing a home.
The National Association of REALTORS® is projecting a 5% increase in sales across the U.S. In Medfield MA, the average sales price for single family homes has increased steadily since 2011, rising 12.6% in that time.
Buyer demand is anticipated to be strong, but a key to a healthy real estate market in Medfield MA is the level of available inventory.
Inventory shortages have caused bidding wars and have priced some perspective buyers out of the market. A review of the 2015 Medfield MA real estate market shows that 43 of the 159 single family homes that sold (27%) were sold at or above list price reflecting strong buyer demand. The overall Sale Price to List Price ratio (SP:LP) was 98%.
If you are thinking about selling your home I would be happy to provide you with a market analysis of your home. Please call me at 781-883-3764 so we can set up a convenient time to talk further.
All the best!
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