Is Lowell, 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, Lowell has remained a Seller's Market.
Key Takeaway
Lowell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lowell, MA
How much do homes in Lowell, MA cost?
Median Sold Price
$469,957
$287/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lowell have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Lowell was $469,957 in May 2024, up 9.3% from last year, and the median price per square foot was $287.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $235K | $260K | +10.6% |
| 2 Bedrooms | $320K | $345K | +7.8% |
| 3 Bedrooms | $435K | $490K | +12.6% |
| 4 Bedrooms | $480K | $536.5K | +11.8% |
| 5+ Bedrooms | $595K | $655K | +10.1% |
Summary: Lowell housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.6%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 10.1%.
Median Sold Price Compared To Nearby Cities
| Lowell | $430K | $469.9K | +9.3% |
| North Chelmsford | $468K | $510K | +9.0% |
| Chelmsford | $562.7K | $588K | +4.5% |
| Dracut | $467.6K | $480K | +2.6% |
| North Billerica | $635K | $645K | +1.6% |
Housing Supply in Lowell, MA
How many homes are available in Lowell, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 178 | 213 | +19.7% |
Summary: The Lowell real estate market had 213 homes for sale in May 2024, a 19.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 13 | -13.3% |
| 2 Bedrooms | 45 | 49 | +8.9% |
| 3 Bedrooms | 56 | 81 | +44.6% |
| 4 Bedrooms | 31 | 33 | +6.5% |
| 5+ Bedrooms | 31 | 37 | +19.4% |
Summary: The Lowell housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.3%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 44.6%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 19.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 60 | +36.4% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
48 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lowell, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 60 homes were sold or pending in Lowell in May 2024, up by 36.4% month-over-month. Of the 60 sold homes, 17% were sold under asking, 3% were sold at asking, and 80% were sold over asking.
Days on Market for Lowell, MA
How long does it take to sell a home in Lowell, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 26 Days | +16.7% |
Summary: Homes in Lowell had an average of 26 days on market in May 2024, up by 16.7% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lowell are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 60 homes were sold in Lowell; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
