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The real estate landscape in Scituate presents a dynamic environment where market competitiveness is notable. As of the last analytical period, the median sale price for homes has escalated to $873,000 — a significant 13.7% increment compared to the previous year. This growth is reflected in the cost per square foot as well, with the median price rising to $463, indicating a 19.2% increase from the prior year.
As of September 2023, the housing market in Scituate exhibits a robust upward trend, with home prices experiencing a 13.7% year-over-year growth, settling at a median sale price of $873K. The market velocity has also intensified, with homes selling after an average of 14 days on the market — a decrease from last year's 18 days. The transaction volume, however, has seen a dip, with 4 homes sold in September, a reduction from the 8 homes sold in the same month the previous year.
The Scituate housing scene is characterized by a somewhat competitive nature. On average, properties are on the market for 23 days before an offer is accepted. With some homes receiving multiple offers, the average sale price hovers around 1% above the listing price, and such homes typically go pending in approximately 23 days. The most sought-after homes — often referred to as 'hot homes' — may transact for around 4% above the list price and can move to pending status in nearly 16 days.
Between August and October 2023, there was a noteworthy migration pattern observed in Scituate's housing market. Approximately 19% of homebuyers were looking to relocate outside of Scituate, whereas a significant majority, 81%, preferred to remain within the metropolitan confines.
Scituate has drawn interest from various metropolitan areas across the country, with 3% of homebuyers considering a move to the area. The majority of this interest has originated from metros such as Hartford, New York, and San Francisco. Conversely, residents of Scituate seeking to move have shown a preference to stay within the metropolitan area, amounting to 81% of potential movers. For those considering relocation to other cities, Portland, Lebanon, and Miami rank as the top destinations.
The Scituate real estate market presents a dynamic and somewhat competitive landscape for potential homebuyers and sellers. With a marked increase in median sale prices and a quick turnover of homes on the market, Scituate remains a desirable location. Migration patterns suggest a strong local loyalty with a budding interest from national metropolitan residents exploring Scituate as their next potential home. As the market continues to evolve, staying informed on the latest trends will be crucial for making strategic real estate decisions in this lively coastal town.
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