Dover, Mass., is a traditional New England town nestled amidst the picturesque landscapes of Norfolk County. Luxury living and natural beauty coexist in harmony here, providing a perfect environment for discerning homeowners. Dover has become a sought-after destination for individuals seeking an extraordinary quality of life, thanks to its timeless elegance, affluent neighborhoods, and mesmerizing natural beauty. For these reasons, the Dover real estate market remains a hotspot for both investors and prospective residents. This guide will dive deep into the Dover real estate market, examining current trends and prices and presenting an insightful forecast for the coming year.
Dover housing market forecast 2023
Home values increasing
Despite the rise of interest rates throughout the first half of 2023, Dover’s real estate market remains strong, with home values steadily increasing. This is particularly good for sellers seeking top dollar for their properties and buyers and investors eager to begin generating equity and long-term wealth. As of October 2023, trusted local agent Elena Price can introduce you to 23 luxury homes available in Dover. The median list price for those homes is about $1.8 million, and all but two are listed in the seven figures.
Rising interest rates are expected to rise before they decline
It’s no secret that the Federal Reserve raised interest rates in 2022 and 2023 to curb inflation and economic fluctuations. Despite the latest increase in July, experts say there may be more hikes before the end of the year. However, economists believe the Federal Reserve’s 2% inflation target will be reached in 2024, signaling decreases in interest rates and providing much-needed relief for first-time buyers.
Norfolk County housing market trends 2023
The Norfolk County housing market is experiencing a slow start into the latter half of 2023. While median sales prices have increased, pending and closed sales for the month of July saw a year-over-year decrease of seven and 24.1%, respectively. In July, average sales prices for single-family homes reached $775,000, a 6.1% increase since last year’s $730,500.
New listings and housing supply levels have also decreased compared to July 2022. Norfolk County saw 386 new listings, a drop of 25.2%. At the same time, the amount of time single-family homes sat on the market before selling increased from 21 to 24 days.
However, Norfolk County’s condo real estate market has stayed relatively close to 2022’s levels. New listings saw a slight decrease of .5% from 184 to 183. The average days condos spent on the market in July sat at 30, with no change compared to last year.
Dover foreclosure statistics 2023
Massachusetts had a foreclosure rate of one in every 6,946 dwelling units in May 2023, ranking 37th out of the 50 states and the District of Columbia. Bristol, Plymouth, Worcester, Essex, and Suffolk counties had the highest foreclosure rates in Massachusetts.
However, foreclosure rates in Dover remain extremely low, with only three filings as of July 2023. This shows economic stability, as homeowners are financially secure and can pay their mortgages on time.
Dover median home prices 2023
In July, median home prices in Dover increased 35.8% to $1.8 million (about the same median home price you’ll find on the MLS in October). While inventory remains low, the volume of closed sales has held steady through the summer of 2023. This indicates buyers are ready to purchase.
Dover lifestyle
Though located less than 20 miles from Boston, Dover nonetheless is reminiscent of a village in rural Vermont. The quaint New England town has no restaurants or boutiques. Residents often make short trips to neighboring towns like Needham, Westwood, or Medfield for dining and shopping needs.
Above all, Dover stands out for its serenity and natural beauty. The town has a significant equestrian presence, including several local stables and horse farms. Hikers and nature lovers frequently take to local trails. Meanwhile, history buffs appreciate the Benjamin Caryl House and other vestiges of old Dover. The town’s scenic roads are rarely trafficked, and snow covers the grounds over 50 days of the year, on average.
One distinctive feature of Dover is its zoning requirements, which stipulate that residential properties be one acre or larger. Indeed, homes are typically set on large lots and offer a tranquility unmatched for a town so close to downtown Boston. Dover has prestige as one of the state’s wealthiest towns, with an excellent school district, stunningly modern homes, and older estates.
Neighborhood spotlight: River’s Edge
River's Edge is a sought-after luxury community that highlights the calming allure of nature. A bubbling river winds along the community, offering a haven for those seeking housing options surrounded by spectacular scenery. River's Edge offers diverse waterfront properties, ranging from spectacular estates to tiny riverfront cottages, each offering an unrivaled luxury living experience. Residents enjoy direct access to the river, allowing them to participate in various outdoor activities, such as kayaking, fishing, or simply strolling along the riverbanks. The community’s strategic location gives residents panoramic views of the river and its picturesque splendor throughout the seasons.
Ready to explore Dover real estate?
Dover real estate is thriving, and this trend isn’t expected to change anytime soon. The area has an array of exceptional housing options, providing discerning homeowners with unique luxury living experiences. The charm of Dover's historic history, natural beauty, and closeness to urban hotspots continue to drive demand in the market.
However, as with any real estate market, prices and conditions can change. While Dover’s market offers tremendous opportunities for both investors and buyers seeking exclusivity and refinement, it is vital to stay current on current trends and forecasts. Consulting with an experienced local real estate expert like Elena Price will be invaluable when navigating the ever-changing, dynamic Dover real estate market. As a Global Luxury Specialist with over one billion dollars in sales, Elena Price has the dedication, confidence, and expertise to help buyers find their dream luxury homes in Dover. Contact Elena to start exploring Dover real estate today!
