Is Gloucester, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gloucester is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Gloucester was a Seller's Market.

Key Takeaway

Gloucester is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Gloucester, MA

How much do homes in Gloucester, MA cost?

Median Sold Price

$620,000

$432/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$5,000(-0.8%)

Key Takeaway

Homes in Gloucester have sold for 0.8% less than they did a year ago.

Summary: The median home sold price in Gloucester was $620,000 in February 2024, down 0.8% from last year, and the median price per square foot was $432.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $275K$288K
+4.7%
2 $499.5K$531.1K
+6.3%
3 $650K$700K
+7.7%
4 $777.5K$780K
0.3%
5+ $735K$730K
-0.7%

Summary: Gloucester housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.7%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes decreased by 0.7%.

Median Sold Price Compared To Nearby Cities

Manchester
+14.5%
Rockport
+13.4%
Essex
+13.2%
Ipswich
+12.4%
Gloucester
-0.8%

Housing Supply in Gloucester, MA

How many homes are available in Gloucester, MA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4853+10.4%

Summary: The Gloucester real estate market had 53 homes for sale in February 2024, a 10.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 01
+100.0%
2 1313
0.0%
3 1619
+18.8%
4 1110
-9.1%
5+ 810
+25.0%

Summary: The Gloucester housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 18.8%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
158-46.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gloucester, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.

Summary: A total of 8 homes were sold or pending in Gloucester in February 2024, down by 46.7% month-over-month. Of the 8 sold homes, 38% were sold under asking, 0% were sold at asking, and 63% were sold over asking.

Days on Market for Gloucester, MA

How long does it take to sell a home in Gloucester, MA?

Average Sale Time

Feb 2023Feb 2024CHANGE
48 Days43 Days-11.8%

Summary: Homes in Gloucester had an average of 43 days on market in Feb 2024, down by 11.8% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Gloucester are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 8 homes were sold in Gloucester; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Gloucester, MA

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