Market Monday: Belmont Real Estate Market Update for June 2023

Welcome to the Belmont real estate market update for June 2023! We want to provide a snapshot of Belmont’s key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for June 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In June 2023, the Belmont real estate market saw a total of 15 sales, a 12% decrease compared to the previous month. While sales were down month-over-month, this was a 50% increase year-over-year and the second highest sales month, after May. 

Number of Listings:
The total number of listings in Belmont for June 2023 was 20, representing a 26% decrease from the previous month. In addition, listings are down 36% from the previous year. Belmont continues to see decreasing inventory in the face of steady demand. We will monitor the impact on listing and sale prices in the coming months.

Median Listing Price:
The median listing price for homes in Belmont in June 2023 was $2,547,500, a 16% increase from the previous month and a 7% increase year-over-year. Sellers recognizing the inventory shortage and consistent buyer demand increased listing prices in June.

Median Sale Price:
For June 2023, the median sales price of homes in Belmont was $2,200,880, a 1% decrease compared to the previous month.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. While listing prices increased, the decrease in sales price indicates there is still room for buyers to negotiate and, at least for the moment, Belmont is a buyer’s market.

As we wrap up our Belmont real estate market update for June 2023, remember by keeping an eye on these key indicators each month, you can make informed decisions about buying, selling, or investing in Belmont real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team. We're here to help you navigate the Belmont real estate market.