Is Lawrence, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lawrence has remained a Seller's Market.
Key Takeaway
Lawrence is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lawrence, MA
How much do homes in Lawrence, MA cost?
Median Sold Price
$520,000
$282/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lawrence have sold for 4% more than they did a year ago.
Summary: The median home sold price in Lawrence was $520,000 in May 2024, up 4% from last year, and the median price per square foot was $282.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | $125K | -26.5% |
| 2 Bedrooms | $302.5K | $275K | -9.1% |
| 3 Bedrooms | $450K | $472.5K | +5.0% |
| 4 Bedrooms | $500K | $485K | -3.0% |
| 5+ Bedrooms | $652K | $715K | +9.7% |
Summary: Lawrence housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 26.5%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes increased by 5%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes increased by 9.7%.
Median Sold Price Compared To Nearby Cities
| Methuen | $512.7K | $549.7K | +7.2% |
| Methuen Town | $514K | $549.7K | +6.9% |
| Lawrence | $500K | $520K | +4.0% |
| North Andover | $687K | $712.5K | +3.7% |
| Andover | $850.3K | $871.6K | +2.5% |
Housing Supply in Lawrence, MA
How many homes are available in Lawrence, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 73 | 79 | +8.2% |
Summary: The Lawrence real estate market had 79 homes for sale in May 2024, a 8.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 13 | 16 | +23.1% |
| 3 Bedrooms | 20 | 25 | +25.0% |
| 4 Bedrooms | 12 | 5 | -58.3% |
| 5+ Bedrooms | 26 | 32 | +23.1% |
Summary: The Lawrence housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 58.3%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 15 | -44.4% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lawrence, you could pay more than the asking price. 86.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Lawrence in May 2024, down by 44.4% month-over-month. Of the 15 sold homes, 13% were sold under asking, 0% were sold at asking, and 87% were sold over asking.
Days on Market for Lawrence, MA
How long does it take to sell a home in Lawrence, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 27 Days | +52.1% |
Summary: Homes in Lawrence had an average of 27 days on market in May 2024, up by 52.1% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lawrence are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in Lawrence; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
