Email Post to a Friend: Market Update During Covid-19

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By Henry Higgins

On behalf of Jones Group REALTORS®, we hope that your family and friends are in good health and spirits given our current circumstances.  Throughout this time, Jones Group agents have been working diligently to assist clients with all of their real estate needs.  As with many areas of our lives, Covid-19 has caused various changes and trends to emerge.  One that many people have noticed, and is in fact true, is the exodus from large cities to suburban or even rural areas.  The New York Times wrote a piece mentioning that "Closed sales in New York City was down 54% compared to the same period last year, and median prices fell 17.7%."  According to the Greater Boston Association of Realtors, the average selling price of a condominium dropped 7% this year in the city of Boston.

On the other side of the equation, the average asking price of a home in Hampshire County has increased to $349,000, up from the 2019 average $322,000. In Amherst, prices have increased over the same time period from $409,000 to $449,000.  In Northampton, there was a similar increase, with average prices rising from $407,000 to $418,000. The decrease in city prices and subsequent increase in suburban prices such as Amherst tell a story.  Prompted by the Covid-19 pandemic, people are gradually leaving the cities and looking to buy homes in more suburban areas, such as our own here in Western Massachusetts. If you already live here, it is no surprise that folks who live in cities want to move here.  We have excellent schools, culture, and the turning of the leaves remind us that we inhabit a bucolic corner of the world.  We also have luxuries that many city-dwellers long for: space, peace and quiet, and a sense of community that may be difficult to find elsewhere. Additionally, we're fortunate to live near an abundance of hiking and biking trails along farmland and pristine conservation land. It is unlikely you will sit in traffic here, unless you find yourself stuck behind a tractor.  Though this time period has been markedly uncertain, one thing that we hope will come of it is families finding a home in our neck of the woods where they can plant their roots and live in a place they come to know and love. 

If you are interested in relocating to Western Massachusetts, please contact our Relocation Department at 413-549-3700. We're in partnership with Leading Real Estate Companies of the World - Member companies are recognized for their expertise, and superior knowledge of their local markets. At the Jones Group we have a continued commitment to quality customer experience and we are looking forward to partnering with you soon. We welcome new neighbors!