July 2021 Plymouth, MA real estate update

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Market Trends

Plymouth, MA real estate update

The single-family real estate market in Plymouth, MA still has a shortage of homes for sale at this time overall, although more listings are coming onto the market. 

Plymouth currently has 60 homes available for sale on the market (MLS), whereas last year in the midst of the pandemic Plymouth had 141 homes on the market (a 57% drop year-over-year).  However, if you look at a month-to-month comparison, there are currently 15% more single-family listings on the market in Plymouth than this time last month.  It’s important to emphasize there is still a shortage of inventory in Plymouth and in most markets in area at current time (less than one month’s supply of listings), however the trend developing is more inventory coming onto the market.  In addition, there are many buyers who have left the market as prices have risen too high, and with too few options, the competition for the available homes for sale too frustrating to contend with. 

One other item to keep in mind is the federally backed mortgage forbearance program, which has been extended until the end of July.  If this is allowed to expire at month’s end, more listings will most likely hit the market.  As inventory rises, supply and demand may start finally balancing out, making acquiring a home much more attractive for many buyers.

To wrap up, the median sale price in Plymouth for the year thus far is $495,000, up 15% from last year at this time when it was $431,250.

 

plymouth, ma real estate home price trends