Housing Market Stats Show Wide Appeal of Gardner MA
According to Redfin: “In June 2022, Gardner home prices were up 12.4% compared to last year, selling for a median price of $340K. On average, homes in Gardner sell after 20 days on the market compared to 11 days last year. There were 33 homes sold in June this year, up from 26 last year.”
Redfin rated the Gardner Housing Market as 85/100 or Very Competitive, a higher score than Fitchburg and just 1 point behind Leominster. Here’s why: Many homes get multiple offers, some with waived contingencies. The average homes sell for about 8% above list price and go pending in around 18 days. Hot homes can sell for about 13% above list price and go pending in around 8 days.
Gardner is hotter than Fitchburg, with Fitchburg home prices up 7.7% in June 2022, selling for a median price a little lower than Gardner at $334k. 50 homes sold in Fitchburg this June, down from 51 last year. Score 81/100. Gardner home prices went up slightly more than Leominster with Leominster home prices up 12.1% compared to last year. However, the Leominster median home price is higher at $380k. Score 86/100
Nearby Communities: Winchendon, up 1%, Ashburnham up 0%, Templeton up 9.1% with a median home price of $450k, Westminster up 24.2% with a median price of $655k, Hubbardston up 27% with a median price of $463k. Athol, up 2% with a median price of $260k. In Phillipston with a total of 5 homes sold, the home prices were down 15.9% with a median price of $290k, however it’s still considered very competitive with a score of 81/100.
Future Not as Rosy
However, not all is rosy when it comes to the future housing market, due to market uncertainty. Business Insider reports that since mortgage interest rates began rising, the nation’s largest homebuilder. D.R. Horton says more buyers are cancelling deals amid growing real-estate market pessimism. The builder says a growing number of would-be homebuyers are backing out of deals for newly constructed homes as they confront higher mortgage rates and an uncertain future for the housing market, stating that in its recent quarter, 24% of its contracts fell through – up 7 percentage points from a year prior.
Mortgage Rates Up
According to Freddie Mac, the average US fixed rate for a 30 year mortgage came in at 5.54% this week, notably higher than the pandemic low of 2.68% in December 2020. See our graphic of today’s mortgage rates. June’s inflation report shows 9.1% inflation, the highest level in 40 years. The Federal Reserve increased its benchmark short-term interest rate by 50 basis points in May, 75 basis points in June, and is expected to raise them again by 75 basis points in late July. Mortgage rates went up as a result.