Your Lynnfield House Could Make You Well Over $100,000
Thinking about selling your home in Lynnfield, Massachusetts? Well, if you bought in 2009, the sale of your home now could net you some serious cash.
Call it what you will - the bubble bursting, the crash, or the market adjustment (if you like the less dramatic and colorful!), but between 2008 - 2011, real estate values took a nose-dive after the mortgage industry bottomed out in a crisis.
Values have risen dramatically, with the suburban market following an incredibly powerful Boston market rebound over the past 3 + years. Historic over-asking bidding wars, prices per foot at an all-time high and demand as strong as ever are not just a downtown phenomenon. We are seeing markets such as North of Boston / Middlesex County as robust.
So, let's say you bought your 2000 Square Foot colonial home on one of the tree-lined streets of Lynnfield, Massachusetts. Lynnfield's fantastic schools, family friendly neighborhoods and great commuter location have given it's home values an edge over other Massachusetts towns historically, but there was a relative downturn, naturally.
In 2009 the average sale price of a Lynnfield home between 1900 - 2200 Square Feet was $425,244. The average price per square foot sold was $210.
In the first 3 quarters of 2015, the average sale price of the same sized home was $586,499. The average price per square foot was $282.
That's a nice jump of 25%, and that means your 2000 SF home that you bought in 2009 for about $420,000 would currently sell for around $564,000, a solid $144,000 increase.
11 LIBERTY LANE, LYNNFIELD - one of first active homes of 2016