Is Southborough, 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, Southborough has remained a Seller's Market.
Key Takeaway
Southborough is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southborough, MA
How much do homes in Southborough, MA cost?
Median Sold Price
$950,000
$333/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southborough have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Southborough was $950,000 in May 2024, up 4.4% from last year, and the median price per square foot was $333.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $500K | $539.5K | +7.9% |
| 3 Bedrooms | $590K | $682.5K | +15.7% |
| 4 Bedrooms | $1.0M | $1.2M | +22.9% |
| 5+ Bedrooms | $1.6M | $2.0M | +19.3% |
Summary: Southborough housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 22.9%, and 5+ bedroom homes increased by 19.3%.
Median Sold Price Compared To Nearby Cities
| Hopkinton | $823.5K | $884K | +7.3% |
| Ashland | $576K | $610K | +5.9% |
| Southborough | $910K | $950K | +4.4% |
| Westborough | $660K | $652.5K | -1.1% |
Housing Supply in Southborough, MA
How many homes are available in Southborough, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 29 | +7.4% |
Summary: The Southborough real estate market had 29 homes for sale in May 2024, a 7.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 18 | 15 | -16.7% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Southborough housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southborough, you could pay more than the asking price. 77.8% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Southborough in May 2024, up by 50.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 0% were sold at asking, and 78% were sold over asking.
Days on Market for Southborough, MA
How long does it take to sell a home in Southborough, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 49 Days | +236.7% |
Summary: Homes in Southborough had an average of 49 days on market in May 2024, up by 236.7% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southborough are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Southborough; 78% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
