Is Lynnfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lynnfield was a Seller's Market.
Key Takeaway
Lynnfield is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lynnfield, MA
How much do homes in Lynnfield, MA cost?
Median Sold Price
$1,000,000
$358/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lynnfield have sold for 14.9% more than they did a year ago.
Summary: The median home sold price in Lynnfield was $1,000,000 in May 2024, up 14.9% from last year, and the median price per square foot was $358.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $390K | $402.5K | +3.2% |
| 2 Bedrooms | $580K | $622.5K | +7.3% |
| 3 Bedrooms | $810K | $880K | +8.6% |
| 4 Bedrooms | $1.1M | $1.2M | +12.0% |
| 5+ Bedrooms | $2.1M | $1.4M | -29.8% |
Summary: Lynnfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 12%, and 5+ bedroom homes decreased by 29.8%.
Median Sold Price Compared To Nearby Cities
| Lynnfield | $870K | $1.0M | +14.9% |
| Wakefield | $675K | $725K | +7.4% |
| Peabody | $575K | $617K | +7.3% |
| North Reading | $694.2K | $694.7K | 0.1% |
| Middleton | $825K | $780K | -5.5% |
Housing Supply in Lynnfield, MA
How many homes are available in Lynnfield, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 41 | +70.8% |
Summary: The Lynnfield real estate market had 41 homes for sale in May 2024, a 70.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 6 | 13 | +116.7% |
| 4 Bedrooms | 11 | 19 | +72.7% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lynnfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 116.7%, 4 bedroom homes increased by 72.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 4 | -20.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lynnfield, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Lynnfield in May 2024, down by 20.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Lynnfield, MA
How long does it take to sell a home in Lynnfield, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 13 Days | -20.6% |
Summary: Homes in Lynnfield had an average of 13 days on market in May 2024, down by 20.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lynnfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Lynnfield; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
