Richmond, MA

The housing market in this ZIP code is currently experiencing accelerated conditions, characterized by significantly appreciating prices and a notable contraction in available inventory. While the pending ratio indicates a moderately active market, the substantial year-over-year price growth and declining inventory metrics point to a period of rapid adjustment.

Median listing price has seen substantial appreciation over the past year, increasing by 240.6%, with a month-over-month increase of 25.8% to reach $1,880,000. Active listings have decreased by 33.3% year-over-year, and new listings have halted entirely with a 100.0% year-over-year decline. The median days on market has tightened, falling 10.7% over the past year to 71 days. The pending ratio stands at 0.63, reflecting a 12.5% increase over the past year, indicating a growing proportion of active listings moving to contract. Median price per square foot has risen by 47.1% over the past year to $453.

With active listings contracting significantly and new listings ceasing, the current market dynamics indicate sustained pressure on available inventory. The strong year-over-year appreciation in median listing price and median price per square foot suggests that properties are generally commanding higher values. The increased pending ratio points to an ongoing pace of transactions. This environment suggests that purchasers may encounter a limited selection and less flexibility in price discipline, while sellers are likely to achieve favorable terms and quicker sales.

The average listing price of $1,908,900 notably exceeds the median listing price of $1,880,000, indicating a segment of higher-priced properties influencing the overall market average. The median price per square foot at $453 reflects the elevated value of properties, particularly within the luxury tier.