End of Year Real Estate Prices Are Up

According to figures from the Massachusetts Association of Realtors, Lynn’s year-end median sale prices were up for single-family homes and condominiums.

Median single-family sales were up 6.2 percent from $329,559 in 2017 to $350,000 in 1918.

In median sales price for a condo was up an impressive 14 percent from $213,000 in 2017 to $243,000 by the end of 2018.

Beth Connor Doran, of Connor Real Estate, said the prices on multi-family homes are high, but she is hoping to see them go down or at least stabilize.

“If a new landlord loses one rental he with have a hard time paying his mortgage,” she said. “We do have a strong economy and lots of people working. I have been doing real estate for 35 years of my life, we all know this is cyclical.”

As for the rental market, Doran said she wonders how people are paying high rents.

“We are still seeing an increase in value,” said Al Divirgilio, of Re/Max 360 DiVirgilio Homes. “We have certainly past the days of “rocketing” prices and have leveled off. Buyers can take a tempered approach as the market has leveled and steadied at this time.”

Buyers must keep in mind that inventory continues to be low and the number of buyers still out number the number of properties available.

“If you see the home you want do not hesitate,” Divirgilio said.

He added that two major factors are helping to drive Lynn’s real estate market. First, the proximity to Boston, airport, public transportation, access to major highway arteries, beaches and ocean are all major factors.

The other factor DiVirgilio said is that interest rates can also have a direct effect on pricing.

“We continue to have a bullish outlook on our market,” he said.

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