Are you getting ready to buy a home in Charlestown, MA, or considering putting your Charlestown home on the market? Understanding the Charlestown real estate market in 2022 can help you feel more confident about either buying or selling your property. At Martha Toti Real Estate, we aim to help our clients develop a solid understanding of the real estate market and feel as comfortable as possible with the home selling or buying process. Are you looking for properties for sale in Charlestown, or considering whether this is the time to put your home on the market? Take a look at the 2022 real estate market to get a better feel for what that process might look like from either the buyer's or seller's perspective.
A seller's market
Across the country, home prices have increased rapidly over the past two years. As a result of the pandemic, many people hurried to change their homes: they moved into larger homes, where they and their families felt more comfortable; they moved into vacation towns or luxury areas, including Charlestown luxury properties; they looked for more luxuries that could allow them to come closer to home.
Throughout much of 2022, Charlestown has remained a seller's market. However, evidence throughout the country shows that real estate, in general, may be shifting back toward a buyer's market, or at least developing a better balance that may be effective and desirable for both buyers and sellers.
In a seller's market, sellers have the majority of the power in the home selling process. Sellers are able to set high prices, and they may be able to set the terms of their contracts. In a buyer's market, on the other hand, buyers have more power. They may have more time to look for available properties and be able to get the seller to make concessions related to the selling process, from hurrying their move-out date to helping with closing costs.
While the market may be cooling off across the country, however, the Charlestown market remains very competitive. Many homes get multiple offers, and bidding wars may occur. Homes often sell for above the listing price. If you're interested in buying in this highly competitive market, there are several things to keep in mind. First, you may need to be prepared to enter into a bidding war with other interested buyers. Other buyers may see the same appeal in the property that you did, and they may be just as eager as you are. Second, you may need to be prepared to pay slightly over the listing price for a property if you're interested in moving into the Charlestown area.
As a seller, that doesn't mean that you can be complacent. Buyers come into a seller's market with a strong idea of what they want and what they're willing to pay for it. They may have highly specific ideas of what they're willing to consider and what they aren't. Furthermore, if your property isn't prepared for the market, you may find it more difficult to sell than you anticipated. Working with a real estate agent can make the selling process easier.
Time on the market
Properties often do not stay on the market long in Charlestown. In June 2022, the average home remains on the market for just 10 days. While some properties may linger on the market longer, buyers may need to move fast in order to purchase the home of their dreams.
As a seller, that can be good news: it means that your property will likely not linger on the market indefinitely, and you will probably be able to sell the property relatively quickly. On the other hand, it also means that you may need to be prepared to move quickly when your property goes on the market. If you aren't ready to make a fast move, you may end up surprised by how fast your property sells. Some sellers may be caught off-guard: they might not have a property that they're ready to move into, or they might have to get the home packed up and ready to go faster than anticipated.
Buyers, too, may need to carefully consider what those short times on the market may mean. If you find a property that you're interested in purchasing, you may need to make an offer quickly. Since homes may not stay on the market long, you may also need to be prepared to view homes quickly when they come available. By planning accordingly, you can increase the odds that you'll be able to find the property that is right for your needs in a timely manner.
You can also take several steps to help improve your ability to quickly secure a property if you find one that fits your needs.
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Get pre-approved for a loan. Pre Approval can help you be prepared to make an offer and move forward with it as soon as possible once you find a property that you want to purchase.
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Know exactly what you're looking for in a property. Have a clear list of must-haves and deal-breakers. When you have a clear understanding of exactly what you want, you can be prepared to make a fast decision about a property that fits your needs.
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Know what you're willing to concede when you're looking for a property. You may not want to move forward with a property purchase without a home inspection, for example, but you may be willing to offer the sellers more time to move out, if needed.
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Communicate with your real estate agent. Make sure your agent has a clear understanding of exactly what you're looking for so that they can notify you if a property that fits your needs goes on the market.
As a buyer, make sure you don't make an emotional decision about a property. While it can be frustrating to have properties pulled out from under you when you're ready to make an offer, it can be even more frustrating to end up with a property that does not actually fit your needs. A real estate agent can help you avoid emotional decisions and keep the focus on what you really need from your property.
Average home prices
Homes in Charlestown continue to sell at around a 3.8% higher rate than they did in 2021. The median sale price hovers around $867,000, or around $777 per square foot. Larger homes may sell for even more: on average, five or more bedroom homes are selling for an average of $1.2 million, a 27.1% increase from their cost in 2021.
Keep in mind that you may need to prepare to spend more than the asking price for a Charlestown home since many properties end up with multiple offers on them and you may need to compete with other buyers in order to get the property you want.
Available properties in Charlestown
If you're looking for Charlestown properties, it's important to consider what types of properties are available on the market. Charlestown is home to a large number of property types, including brick townhouses, luxurious condos, and stunning architecture. Three-story clapboard-style homes are popular throughout the Charlestown area. You can also find a number of single-family homes, including larger luxury properties in Medford Street, where you're able to find homes with a gorgeous view of the Mystic River.
Condos are a popular housing choice throughout the Charlestown area. Condos, especially those in luxurious communities, can offer a number of advantages. You may find amenities like:
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Community pools
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Waterfront views
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Community clubhouses
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Walking trails
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Dog parks
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Outdoor maintenance
Carefully consider what is included as part of your property purchase. If you're considering a condo, for example, make sure you know what type of community you're moving into and what fees may go along with that community as well as what amenities the association may offer. Even single-family properties may be located in HOAs, which may have unique rules and requirements. Take a look at how those requirements may fit into your future plans and goals for the property.
Charlestown is also known for its historic homes and buildings. While history can prove a potent draw for many buyers, it's important to carefully consider what that historic purchase may mean for you in the future. In many cases, you will need to follow special requirements in order to make any upgrades or renovations to a historic property.
Are you interested in buying or selling a property in the Charlestown area?
If you're looking into buying or selling a property in the Charlestown area, you need an experienced realtor on your side to help ensure that you can make the most of your plans. At Martha Toti Real Estate, you'll find the support you need to navigate the real estate market throughout Charlestown. Contact us today to learn more about how to put your home on the market or how to find the home of your dreams as you move into the Charlestown area.