2021 was a record-setting year at the Stone Ridge Condominiums in Franklin, MA. The year saw the average sale price at Stone Ridge reach a new all-time high. But perhaps more importantly, unit sale prices in 2021 broke through the $400K price barrier for the first time ever at this popular condo community in Franklin, Massachusetts.
2021 was a year in which Stone Ridge sale prices powered ever higher as the year progressed. Before 2021, the highest price ever paid for a townhouse at Stone Ridge was $365,000, in a transaction recorded in 2020. That record sale price of $365,000 in 2020 was surpassed NINE TIMES at Stone Ridge during 2021 – amazing!
The record-high sale price at Stone Ridge currently stands at $420,00.
That’s what a buyer paid for Unit 53 in November 2021.
As mentioned at the start of this post, the average sale price at the Stone Ridge condos hit an all-time high in 2021.
2021’s average sale price of $376,000 represents a 14.5% surge over 2020’s level (which was itself a record.) On a square foot basis, the $264 average price per unit square foot paid in 2021 was the highest for any year on record at Stone Ridge.
You can download the Stone Ridge 2021 Sales Report via the hotlink at left or embedded in the image below.
The run up in values at Stone Ridge during 2021 reflects the fact that many condo buyers in Franklin, MA prefer Stone Ridge. It offers relatively affordable townhouses with full basements, one-car garages, and town sewer. Stone Ridge also has a variety of floor plans. Several of these floor plans feature first-floor bedrooms. These are highly sought after by buyers who need one-level living.
Lowest-priced sale at Stone Ridge in 2021
The sale of 124 Stone Ridge Road was the lowest-priced transaction at Stone Ridge in 2021.
Unit 124 sold for $340,000. It’s notable that a sale price of $340,000 would have been a record-setting price at Stone Ridge back in 2019 – quite a sea change in values at Stone Ridge in just two years!
Eleven Stone Ridge townhouses sold in 2021.
That’s one fewer than changed owners in 2020 and one more than the number units that sold in 2019. Excluding the transaction-heavy years of 2016 and 2017, the eleven sales during 2021 are in line with annual sales volume at Stone Ridge going back to 2014.
Of the eleven unit sales in 2021, ten were over-asking price transactions. The one Stone Ridge unit that sold under its asking price in 2021 had set a very high asking price when it entered the market.
The market for townhouses at Stone Ridge in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.
While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.
For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.
If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.