Known as America's Hometown, Plymouth is home to over 2,200 acres of open space, friendly neighborhoods, quaint stores, and beautiful homes. Featuring beaches, parks, and multiple outdoor events, including the July 3rd bonfire and the August Waterfront Festival, there is never a shortage of things to do.
While Plymouth is popular for its beachfront location and rich historical relevance, the city provides exceptional real estate options ranging from cozy cottages to waterfront estates. Tight-knit communities offer the best of both worlds with small-town relationships and proximity to Cape Cod and Boston.
If you're thinking about relocating to Plymouth, you'll probably want to know more about the area’s housing market, local neighborhoods, and homebuying trends.
A glimpse into the 2023 Plymouth housing market forecast
Understanding predictions about the local real estate market can help you find your perfect home in Plymouth. Here's an explanation of trends in the market and what you can expect in the coming months.
Home value price gains are slowing
The burning hot housing market in Massachusetts is finally cooling. Sales are down statewide, and while home prices are rising, price gains are only marginal compared to the last few years.
Plymouth and the surrounding South Shore towns are no exception. Data from the Massachusetts Association of Realtors shows that single-family home sales dropped over 18.7%, from 1,758 to 1,430. Condo sales dropped from 398 to 271. These declines provide new opportunities for prospective homebuyers. Prices for single-family homes have remained flat since last year at $450,000. However, condo prices have risen by 15.7% from $304,500 to $350,000. With real estate price hikes finally slowing, homebuyers are likely to find more opportunities for home ownership in Plymouth.
Rising interest rates remain slightly above the national average
National mortgage rates are up to 6.81% for a 30-year fixed-rate mortgage and continue to climb. In Massachusetts, interest rates are slightly higher at 7.19% for a fixed mortgage and 6.39% for a 15-year fixed mortgage.
The Federal Reserve decided not to raise interest rates at its June meeting but scheduled two more rate increases for this year. While nothing is set in stone, homebuyers are likely to continue to see rate increases in the coming year.
The rental market remains flat
Although rental prices are significantly lower than in nearby cities, such as Boston, rent is still prohibitive for most Plymouth residents. The average rent for apartments in Plymouth ranges from $2,335 to $2,957. As a result, interest in rentals has remained entirely flat for average-priced rental homes and has taken a recent drop for those priced above $3,000.
Plymouth is growing
With nearly 7,200 residents, Plymouth is growing. The population has increased by 3.58% since the most recent census in 2020. With a combination of picturesque beaches, historic significance, small-town charm, and proximity to Boston and Cape Cod, there is no mystery surrounding the reasons residents are attracted to Plymouth.
Plymouth County housing market trends 2023
While the housing market in Plymouth County remains competitive, median home prices are leveling out, and the population in the area is growing.
How Covid-19 affected the Plymouth real estate market
The 2020 census showed that the median property value in Plymouth was $363,400, and the homeownership rate was 56.3%. Covid-19 drove up housing prices, making an already hot real estate market even less attainable and more out of reach. As a result, the homebuying market in Plymouth is still notably competitive.
Foreclosures remain relatively modest in Plymouth
While foreclosures are rising nationwide, they've substantially declined since the end of 2022 in Plymouth. This year, 355 residential sales have taken place, and 31 foreclosure filings have been reported. Perhaps more importantly, nearly 50% of homes in Plymouth are equity rich, suggesting that local homeowners are managing to avoid foreclosure.
Plymouth median home prices 2023
Home prices in Plymouth have dropped 8.9% year over year to settle at a median price of $560,000. This is lower than the state average of $616,450, making Plymouth an attractive option for homebuyers.
Plymouth real estate market: Should you invest?
Home investment is a major decision and one that should consider many factors. Plymouth offers easy access to Cape Cod and Boston while maintaining a small-town community atmosphere. It's no surprise that the city's population is growing. Here are a few of Plymouth's most popular neighborhoods to consider.
The Pinehills
A vibrant community designed to provide residents with everything they need, The Pinehills features new homes that range from cozy cottages and townhomes to luxury estates and custom builds. Residents can enjoy golf at the community golf club, socialize and pursue common interests at more than 80 clubs at the Stonebridge Club, relax at the resort hotel and spa, or simply enjoy the great outdoors along one of the many walking and hiking trails.
Manomet
A scenic community located along the eastern coast in Plymouth, Manomet provides residents with beaches, parks, and a tight-knit feel. Waterfront properties are common in the area, and homes range from condos to sprawling estates. White Horse Beach is the area's most popular attraction and the location of the July 3rd bonfire and Independence Day celebration.
Cedarville
A beachfront community with convenient access to Cape Cod, Cedarville offers residents an abundance of water activities and striking ocean cliff views. Home to the highly rated Whites Cliff Country Club and the Elmer E. Raymond Jr. Memorial Park, the neighborhood is popular among lovers of the outdoors. The abundance of single-family homes and condos makes the area an attractive option for first-time buyers. The commute to downtown Plymouth only takes 15 minutes, providing residents easy access to local amenities.
Chiltonville
Only 10 minutes south of downtown Plymouth, Chiltonville offers immediate access to the gorgeous shores of the Plymouth and Cape Cod Bays and historic sites, including The Mayflower and Plymouth Rock. Golf is also available here at the Plymouth Country Club, which features rolling terrain, stunning scenery, and lush fairways. Homes in Chiltonville are primarily single-family homes that range from comfortable bungalows to large houses.
Find your perfect home in Plymouth with help from Samantha Steward
A Cape Cod native with a deep-rooted love for Massachusetts coastal cities, Samantha Steward has helped many homebuyers find their perfect homes in Plymouth and the surrounding cities. If you're searching for a home in Plymouth, Samantha Steward can help. Her extensive knowledge about the communities and available homes in the area gives you the inside track to the area's most popular homes. Get in touch with Samantha today to get started.