Is Lynnfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lynnfield was a Neutral Market.
Key Takeaway
Lynnfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lynnfield, MA
How much do homes in Lynnfield, MA cost?
Median Sold Price
$922,500
$362/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lynnfield have sold for 0.8% more than they did a year ago.
Summary: The median home sold price in Lynnfield was $922,500 in March 2024, up 0.8% from last year, and the median price per square foot was $362.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $390K | $375K | -3.8% |
| 2 Bedrooms | $612.5K | $622.5K | +1.6% |
| 3 Bedrooms | $840K | $850.5K | +1.3% |
| 4 Bedrooms | $1.2M | $1.2M | -1.6% |
| 5+ Bedrooms | $1.6M | $1.5M | -6.0% |
Summary: Lynnfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 1.3%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes decreased by 6%.
Median Sold Price Compared To Nearby Cities
| Wakefield | $675K | $715K | +5.9% |
| Peabody | $575K | $607.8K | +5.7% |
| Middleton | $789.9K | $825K | +4.4% |
| North Reading | $686.1K | $705K | +2.7% |
| Lynnfield | $915K | $922.5K | +0.8% |
Housing Supply in Lynnfield, MA
How many homes are available in Lynnfield, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 21 | -8.7% |
Summary: The Lynnfield real estate market had 21 homes for sale in March 2024, a 8.7% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 5 | 7 | +40.0% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Lynnfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 40%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 7 | +16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lynnfield, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Lynnfield in March 2024, up by 16.7% month-over-month. Of the 7 sold homes, 43% were sold under asking, 0% were sold at asking, and 57% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 13 Days | 93 Days | +579.5% |
Summary: Homes in Lynnfield had an average of 93 days on market in Mar 2024, up by 579.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lynnfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Lynnfield; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
