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

Westford, Massachusetts, a desirable suburb located northwest of Boston, has been experiencing a robust real estate market with significant price appreciation over the past year. As of May 2024, the median home value in Westford stands at $835,205, representing an impressive 11.7% increase from the previous year. 

Market Trends and Price Appreciation – The Westford housing market has shown remarkable strength, with home prices consistently rising across various property types. In May 2024, the median sale price reached $735,000, up 3.8% from the previous year. This trend is particularly evident in larger homes, with 5+ bedroom properties seeing an 11.5% increase in price over the past year.Price appreciation varies by property size: 

– 1 bedroom homes: +7.5% – 2 bedroom homes: -4.7% – 3 bedroom homes: +5.5% – 4 bedroom homes: +6.4% – 5+ bedroom homes: +11.5% 

Homes for Sale and Market Competitiveness – As of May 2024, there were 79 homes for sale in Westford, a significant 58% increase from the previous month. This increase in inventory provides more options for potential buyers, but the market remains highly competitive.The Westford housing market is characterized by: 

• Multiple offers on many homes, some with waived contingencies 
• Average homes selling for about 6% above list price 
• Properties going pending in around 17 days 
• Hot homes selling for about 11% above list price and going pending in around 10 days 

In May 2024, 47% of homes sold above asking price, indicating strong demand and competition among buyers. 

What Buyers Should Consider 

1. Act quickly: With homes going pending in just over two weeks on average, buyers need to be prepared to make swift decisions. 
2. Expect competition: Be ready for multiple offer situations and consider strategies to make your offer stand out. 
3. Budget for above-asking prices: Given that many homes sell above list price, factor this into your budget and financing plans. 
4. Neighborhood variations: Research different neighborhoods within Westford, as home values can vary significantly. For example, the Park and Proctor area has a median home value of $884,610, while the Littleton Road Area is considerably lower at $465,954. 
5. Long-term appreciation: Consider the strong price appreciation trend when evaluating your investment, as Westford homes have shown consistent value growth. 
6. Seasonal trends: The market appears to be more active in spring and early summer, with increased inventory and sales during these months. 
7. Property type: Different property sizes show varying appreciation rates, so consider your long-term needs and investment goals when choosing a home. 

In conclusion, Westford’s real estate market offers attractive opportunities for buyers, but it requires careful planning, quick decision-making, and a strategic approach to navigate successfully. With strong price appreciation and a competitive landscape, buyers should be well-prepared and work closely with local real estate professionals to find the right property in this thriving market.