The average price of townhouses sold at the Chestnut Ridge Condos in Franklin, MA rose 12% in 2023. The average price hit an all-time high for the fourth year in a row.
Since 2019, despite the ensuing COVID pandemic in 2020 and massive rise of mortgage rates in 2023, the average sale price of condos at Chestnut Ridge has jumped nearly 50% – amazing!
Long-term price history
Here’s how prices at Chestnut Ridge have performed since 2004:
From a low of $278,333 set in 2010 during the Great Recession, the average sale price of units at Chestnut Ridge has more than doubled, rising 112% to $588,720.
Sales volume holds steady at a restrained level
Five Chestnut Ridge units sold during 2023, in line with 2022’s sales total.
Back in the 2010s, it was routine for eight to eleven townhouses to change hands at Chestnut Ridge in any one year. The decline in sales volume is representative of the low-inventory real estate market prevalent in Massachusetts during the last several years.
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Highest sale prices at Chestnut Ridge for 2023
Below are the three top sales at Chestnut Ridge recorded during 2023.
Each of these units had first-floor primary bedroom suites. This greatly boosted buyer interest in these units. Each of these three units drew multiple offers and bidding wars. Each unit sold for over asking price.
It is notable how relatively low the sale price of 3 Aspen Way is ($586,601) compared to the prices paid for 13 Magnolia Drive ($675,000) and 3 Beechwood Lane ($679,000). 3 Aspen was marketed in early March and the transaction closed in May, 2023, while the Magnolia and Beechwood units were marketed and sold later in the year. Home prices rose sharply at Chestnut Ridge as 2023 progressed, especially for units offering first-floor living!