Hampden Market Update: 2017 Year in Review
Last year over $48,000,000 of Hampden real estate changed hands as 214 residential properties were sold.
This reflects a 12.75% increase in overall volume from 2016.
The five-year upward trajectory of properties values has continued.
In 2017 the average sale price of an attached row-house increased 2.95% to $225,929.
The average days-on-market was 49 days, although 37% of properties sold within the first ten days on market.
Overwhelmingly buyers continue to take advantage of low interest rates and are purchasing using conventional loans.
In-fact 58% of the 2017 buyers used conventional loans.
Hoping to find a cash buyer?
Last year 17% of the transactions in Hampden were all-cash.
Want to know the best time to sell your Hampden house for top dollar? In both 2016 and 2017 the highest median sold prices occurred in March. Late winter in Hampden tends to have low-inventory paired with high-demand, which equals a recipe for success.
Looking at the upcoming 2018 Spring Market, as of January the current average price per square foot was $168.00 – and we expect this to trend towards $185.000 per square foot by mid-year. Only five properties (or 2%) of the projected sales volume closed in January, so we’ve got a bulk of the year in front of us.
In Hampden it is not uncommon to see a robust $200.00 per square foot for fully renovated properties, making Hampden one of the strongest price-per-square-foot neighborhoods in the city.
Source: Metropolitan Regional Information Systems, MarketStats by ShowingTime
Whether you’re selling or buying in Hampden this year, schedule a consultation with Rachel Rabinowitz.