Real Estate Market in Newburyport MA
Newburyport MA is a highly desired city to live in due to its coastline location, historic downtown area, and close distance to Boston. The real estate market has been booming in the area with numerous new developments and increasing prices. Here is a closer look at this growing market in the area.
Low Inventory and Higher Prices
The biggest issue Newburyport MA is facing is their low inventory of homes. Their current inventory is at 3.2 months, below the 6 months that is generally considered a balanced market. This low inventory has caused prices to dramatically rise, with median list prices in the area around 7% higher than a year ago.
New Developments
Due to the high demand of real estate, new developments have popped up throughout Newburyport MA. These new projects are often high end, such as the newly built Waterfront Ottawa condominiums. These modern condos feature multiple two and three bedroom units and are located near the waterfront.
Other new developments throughout the area include the Magellan Tower, a luxury apartment complex with impressive views, modern amenities and spacious units.
Pros and Cons of Buying in Newburyport Ma
Living in Newburyport Ma has many advantages, such as close proximity to Boston, a historic downtown area, and beautiful sandy beaches. However, due to the high demand the real estate market can be cost prohibitive. Buyers should consider both pros and cons of purchasing in the area before making any decisions.
Conclusion
Newburyport MA has seen a dramatic increase in the real estate market due to the low inventory, higher prices and multiple new developments. While the city has many great appealings it can also be cost prohibitive to buyers. Those considering buying should take into account both the pros and cons before making any decision.