Westwood

Westwood

Explore the desirable real estate market in Westwood, MA, where New England charm meets modern living. Located just a short drive from Boston, Westwood offers a range of beautiful homes, from historic colonials to luxurious new constructions. This thriving community is known for its top-rated schools, excellent recreational facilities, and vibrant town center. With easy access to major highways and public transportation, Westwood provides the perfect balance of suburban tranquility and urban convenience.
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Westwood, MA - Real Estate Trends Analysis by Key Prime Realty

Westwood, MA Real Estate: A Competitive Market with Strong Price Appreciation Westwood, Massachusetts, is experiencing a robust and competitive real estate market, with home prices showing significant appreciation over the past year. As of May 2024, the median home value in Westwood stands at $1,210,236, reflecting an impressive 11.3% increase from the previous yearThe housing market in Westwood is characterized by high demand and limited supply. Homes in this desirable suburb receive an average of 9 offers and typically sell within 14 days of listing. This fast-paced market has led to many properties selling above their list price, with hot homes fetching up to 11% more than the asking price.For potential buyers looking to enter the Westwood market, there are several key factors to consider:

  1. Competitive Bidding: With multiple offers being common, buyers should be prepared for bidding wars. It’s not unusual for homes to sell for 3-4% above the list price.
  2. Quick Decision-Making: Given the average time on market of just 14 days, buyers need to be ready to act swiftly when they find a property they like.
  3. Housing Inventory: As of May 2024, there were 61 homes for sale in Westwood, a 45.2% increase from the previous month. This slight uptick in inventory may provide more options for buyers.
  4. Price Variations by Property Type: While overall prices have increased, there are variations based on the number of bedrooms. For instance, 3-bedroom homes saw a 7.8% price increase year-over-year, while 1 and 2-bedroom properties experienced price decreases.
  5. Long-Term Appreciation: Despite recent strong growth, Westwood’s long-term appreciation rate has been below the national average. Over the past decade, the annual appreciation rate was 5.06%, lower than 70% of US communities.
  6. Premium Market: With a median house value of $1,121,414, Westwood real estate is among the most expensive in Massachusetts and the United States.
  7. Housing Stock: Single-family detached homes dominate the Westwood market, accounting for 77.43% of housing units. Many of these homes were built between the 1940s and 1960s, with some newer construction from 2000 onwards.

For buyers interested in Westwood real estate, it’s crucial to work with a local real estate agent who understands the nuances of this competitive market. Given the high prices and fast-paced nature of transactions, buyers should also ensure they have their finances in order, including a strong pre-approval for a mortgage.While the Westwood market presents challenges for buyers due to high prices and competition, it also offers the potential for strong appreciation and the opportunity to live in a desirable community with excellent schools and amenities. As with any significant investment, thorough research and careful consideration of personal financial circumstances are essential before entering this dynamic real estate market.

Westwood MA Real Estate Market Report

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