Hopkinton, MA - Real Estate Trends Analysis by Key Prime Realty

Hopkinton, Massachusetts, is experiencing a robust and competitive real estate market, characterized by strong price appreciation and high demand. Here’s an overview of the current market conditions and key considerations for buyers:Price Appreciation and Market TrendsHopkinton’s housing market has shown significant price appreciation over the past year. The median home value in Hopkinton is $863,937, reflecting a 7.0% increase from the previous year. This upward trend is even more pronounced in certain segments of the market, with 4-bedroom homes seeing an 11.8% increase and 5+ bedroom homes experiencing a 13.2% rise in prices.The market remains highly competitive, with homes receiving multiple offers and often selling above list price. On average, homes in Hopkinton sell for about 4% above list price and go pending in around 16 days. Hot properties can sell for up to 8% above list price and go pending in as little as 5 days.Homes for SaleAs of May 2024, there were 71 homes for sale in Hopkinton, representing a 4.1% decrease from the previous month. The inventory breakdown by bedroom count is as follows: 

– 2 bedrooms: 17 homes – 3 bedrooms: 14 homes – 4 bedrooms: 36 homes – 5+ bedrooms: 4 homes 

It’s worth noting that there’s a particular shortage of homes in the $500,000 – $1,000,000 price range, with only 3 listings available in this segment as of March 2023.What Buyers Should Consider 

1. Competitive Bidding: With 79.2% of homes selling above asking price, buyers should be prepared for competitive bidding situations. Having pre-approval and being ready to act quickly is crucial. 
2. Limited Inventory: The low inventory, especially in certain price ranges, means buyers may need to be patient and act decisively when the right property becomes available. 
3. Price per Square Foot: The median price per square foot in Hopkinton is $337, which can help buyers gauge the relative value of properties they’re considering. 
4. Seasonal Trends: Spring tends to be a popular time for listings in Hopkinton, potentially offering more options but also increased competition. 
5. New Construction: Buyers interested in new homes should be aware that these properties often have longer listing periods, as they’re typically listed before construction is completed. 
6. Interest Rates: While higher interest rates have affected some markets, Hopkinton appears to be maintaining strong demand despite rates hovering near 7%. 
7. School Districts: Hopkinton is known for its quality schools, which can be a significant factor in home values and demand. 

In conclusion, Hopkinton’s real estate market remains strong and competitive, with significant price appreciation across various property types. Buyers should be prepared for a fast-paced market with multiple offer situations and be ready to act quickly when they find a suitable property. Despite challenges like limited inventory and high prices, the town’s desirable location and strong school system continue to drive demand in this vibrant Massachusetts community. View homes for sale in Grafton, property images.