Since 2015 the real estate market in Tewksbury MA has been on the rise with some years approaching 7-10% appreciation. Optimism in the economy and low interest rates have created the rise in the price of housing in Tewksbury. Combine that with an extreme lack of inventory it has kept the Tewksbury market on the rise.
To predict where the 2020 Tewksbury market is going, we need to see what did last year in comparison to the previous year.
Where Has The Tewksbury MA Real Estate Market Been?
In 2019 we saw 318 Tewksbury MA Single family units sell for a median price of $450,000. On average it took 24 days for those properties to receive an offer. Compare that to 2018 where we saw 283 units sell for a median price of 439,000 in 23 days to an offer. This is a modest price increase of 2.5%, down from previous years.
Tewksbury MA Condominiums for 2019 show us 127 units selling at a median price of $330,000 with 30 days on the market. Versus 2018 with 118 condominium sold for a median price of $330,000 in 20 days to an offer. Condominiums are showing prices flat lining as well as time to offer having a significant increase.
What Do I Predict For The 2020 Tewksbury Real Estate Market?
First, I would like to point out, no one knows for any certainty where the market will go. We are just taking the data we have on hand with current events and make an educated guess. The recent coronavirus outbreak could certainly hinder the market but it is still unknown what the impact will be. Typically election years leave uncertainty and the real estate market pulls back a bit.
I think we are going to see the market flatten though out the year as well as the next year or two. We will see very modest appreciation of 0-3%, leaving a balanced market for both buyers and sellers. The underlying fact that housing inventory is unprecedentally low will hopefully keep the Tewksbury real estate market from having a serious crash. In contrast, in 2005 Tewksbury had 69 housing units on the market for sale as opposed to the same time this year that has only 23 housing units on the market. There is far less inventory than there are buyers.
Combine low inventory with extremely low interest rates, I believe the Tewksbury market will be in balance, barring a complete economic shut down from the recent coronavirus outbreak.
Coronavirus Brings Uncertainty to The Tewksbury Real Estate Market
Since I finished up this update on Friday, there has definitely been more coronavirus uncertainty. I thought I would comment in light of this uncertainty.
This weekend, I went to a very busy open house and wrote two offers. Calls still continue to come in on this grim Monday morning. Up till now I have not seen a slow down in the real estate market.
But, if shutdowns continue for any length of time and incomes start to falter it could trigger an upheaval in the real estate market. No one has a crystal ball. I am sure like everything else this too shall pass. It is just matter of when.
On the other hand, if we cautiously are going to go about the important things in life, while being smart about protecting ourselves and others, I think the real estate market will remain fairly healthy. I also think when we are on the other side of the coronavirus outbreak, the real estate market will light up pretty fast from lack of inventory and pent up demand.
The underlying fact is, people need to live somewhere, inventory is so low and interest rates will be incredibly low and it will keep the real estate market chugging along.