2017 Real Estate Market Update

As we look forward to another active year in real estate, we would like to offer you a brief summary of the real estate market in 2017.  Residential homes sales in our three county region—Clinton, Essex and Franklin—were consistent with 2016 sales, up just 1.5%, with the total number of homes sold in this past year at 1,280 compared to 1,259.

Clinton County

Reviewing the numbers by county, home sales in Clinton County for the year were close to 2016 results, only 4.3% lower at $87.4MM vs. $91.3MM in 2016.  The average price of homes sold was down slightly (2.7%) at $144,914 from $148,966, and the number of homes sold was generally flat at 603 vs.613 in 2016.  A continuing dynamic in the market is lower than normal inventory of homes under $250,000.

Essex County

Essex County residential sales dollars were at $94.6MM, only 6% lower than last year, with the average home sales price down 15% to $275,899 from $324,995.  There were, however, more transactions—343 in 2017 vs. 310 in 2016.

Franklin County

Sales in Franklin County continued strong, finishing up 29% over 2016 at $60MM, with the average sales price of homes up 30% to $179,668 vs. $138,110.  The number of homes sold was flat at 334, with only 2 additional sales in 2016.