National real estate inventory is at one of its lowest points since its peak in 2016. According to Realtor.com, there are just 577,972 homes listed for sale in the United States, 885,330 fewer than seven years ago. 

In February, Hopkinton ranked the 226th “hottest” real estate market in the US, which is a composite index based on housing supply vs. demand. 

A couple of interesting data points jumped out at me:

The median days on market is 59 compared to the national average of 67. Personally, I was surprised by this, because I’m seeing most homes in Hopkinton sell in as little as a few days, and almost always with multiple offers. I suspect higher dollar homes are driving this number up. Additionally, new construction homes tend to be listed several weeks before the build is completed.

The median listing price jumped to a staggering $1,239,749, up 29% over January 2023.

All this is good news for people thinking of selling their home. In our town, the demand is vastly outstripping the supply, which means sellers are commanding much higher prices than they historically have.

Spring is the time many people list their house for sale. A few years ago it was not uncommon to have 50-60 active listings in Hopkinton in March. Excluding new construction, today there are just 9 single family homes for sale ranging from $450,000 to $2.7mm. Looking closely at the data reveals a sizable gap in the $500,000 – $1,000,000 price range where there are only 3 listings currently.

There has been a lot of media coverage of recent interest rate hikes and the effect on home sales, and while that may be true nationally, Hopkinton appears to be immune from that trend. The average 30-year fixed rate mortgage is hovering near 7%, but I am still seeing about 100 potential buyers per weekend at a typical open house. Of those, 5-10 will write an offer.

As the data shows, Hopkinton sellers are in a great position to capture top dollar for their homes.

Trina Macchi is the Team Leader at The Macchi Group of William Raveis Real Estate, based in Hopkinton.