Needles in Haystacks: <$700,000 in MetroWest Suburbs

Posted on Posted in Buying, Concord, Lincoln, Market News, Other Towns/Markets, Sudbury, Wayland

Looking at the market for <$700,000 livable houses in Carlisle, Concord, Sudbury, Wayland, and Lincoln

A family of four is looking for a house that meets their immediate needs and fits within their budget in Carlisle, Concord, Sudbury, Wayland, and Lincoln. Where to begin? Well, let’s take a quick look at sales within the past year. How much of a “needle in a haystack” is this house? It depends on the town.

We’re looking at houses that have sold for less than $700,000. Also, they’d prefer at least 2,000 sq. ft. but I’m including anything that’s bigger than 1400 so we can see the trends clearly. It’s great to compare the data among the towns.

CARLISLE: In the last year, 22 houses sold that meet these criteria out of 82 houses that sold. The houses were on average sited on the biggest lots of the five towns analyzed (2.2 acres on average). The houses were on average also larger (2245 sq. ft.). They take a longer time to sell and sell for the lowest average price ($594,293) versus average list price at the time of offer ($617,519 ). That makes for an average ratio of 96.3%.

CONCORD: There were 23 houses in the last year matching our criteria out of a total of 200 that sold. Those were on average smaller than in Carlisle (1911 sq.ft.) and on smaller lots on average (.78 acres). The houses were listed and sold for more (average: listed $636,942 sold for $629,070 for an average ratio of 99.1%).

LINCOLN: Lincoln only had two sales that matched these criteria out of a total of 44 houses that sold. They averaged to sell for 97% of the last listing price, which represented an average sales price of $588,000. They were averaged together a 2161 sq. ft. house on a 1.62 acre lot.

SUDBURY: 104 houses in Sudbury sold last year for less than $700,000, out of a total of 256. They sold for an 98.8% of the listing price, averaging $597,546 for an average of 2274 sq. ft. on an average of .8 acre lot.

WAYLAND: Wayland had a total of 54 houses sold that matched these criteria out of 160 that sold, and they sold for 99.8% of the listing price, with an average sale price of $560,236. That was for an average 1946 sq. ft. house on an average .6-acre lot.

This helps us understand how the low end of the markets in each of these five communities functions. Buyers who want the top schools in the state, who want specific communities, who want everything these MetroWest communities offer need to be armed with good information in order to make what can be a GREAT investment. Do ask questions!

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