The market remains strong in Essex County, Massachusetts. During the second quarter of 2019, the volume of 2-family home sales increased while average prices remained steady. The average price of 3-family homes increased from ~$491k to $532k, roughly an 8% change from the previous quarter. These properties also sold much more quickly with only 18 days to offer.
Larger multi-families saw a decline in price. The average price of 4-unit properties declined from $599k to $525k. 5-unit properties dropped from $828k to $715k, although this is likely attributed to the increased inventory (38 sold compared to just 11 in the previous quarter).
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