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Growth in the Essex market was stifled by a lack of inventory, which was down over 17% from last year and kept sales relatively flat. But increasing demand chasing fewer homes for sale drove prices up, with the average and median both rising about 2%. We’re now seeing sustained appreciation in Essex, with the yearlong prices up almost 2% on average and over 4% at the median. These rising prices will eventually attract more homeowners into selling their homes, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.
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