Lee, MA

The housing market in ZIP code 01238 is currently experiencing a cooling trend. The median listing price has seen a notable year-over-year decline, alongside a reduction in median days on market. While active listings have decreased, the pending ratio indicates a more tempered pace of transactions.

The median listing price currently stands at $549,900, reflecting an 8.2% contraction over the past year, though it remained stable month-over-month. Concurrently, the median price per square foot has decreased by 7.5% year-over-year to $296. Despite a 24.0% year-over-year reduction in active listings, new listings remained constant over the same period. The median days on market saw a significant decrease of 21.3% over the past year, reaching 50 days. However, the share of price-reduced listings increased by 6.9% year-over-year, now at 23.5%. The pending ratio currently stands at 0.42, a modest 1.9% decrease from the prior year.

The decrease in median days on market suggests a degree of continued interest, yet the decline in median listing price and the increased share of price-reduced listings indicate a recalibration of pricing expectations. The pending ratio at 0.42 suggests a measured pace of transactions, implying that negotiating leverage is shifting towards a more balanced position, with less pressure for rapid commitments.

The average listing price of $584,625 significantly exceeds the median listing price of $549,900, suggesting a segment of higher-value properties within the market. This spread, coupled with a substantial 32.2% year-over-year decline in average listing price, indicates particular pressure on pricing discipline at the upper end of the market.