Dedham, MA – Norfolk County Register of Deeds William P. O’Donnell reported that during the summer of 2023, ten properties, a mix of commercial and residential, sold for more than $11,000,000, with an average price of $34,887,000.
The prices on the property to follow concern real estate sales during the period of July 1st, 2023, through September 20th, 2023.
The ten properties were:
The top sales appear to have been a combination of apartment complexes, retail, industrial and warehouse space, and distribution facilities.
"The industrial and commercial nature of these developments bodes well for the Norfolk County economy, both in terms of employment and revenue," said Register O’Donnell. "This also indicates that Norfolk County is not only a desirable place to both live and work but is also a magnet for business, industry, and trade."
Excise taxes from these 10 sales totaled more than $1,927,000 for the state and county.
"Despite the overall decline in activity throughout the county, there are still pockets of the market here in Norfolk County that are seeing growth and stability, particularly in commercial real estate and certain neighborhoods and property types," noted Register O’Donnell.
Since July 2023, there have been 2,068 property sales recorded in Norfolk County, down 21% over the same time period last year. The average sales price for these properties which include, commercial and residential property was $1,235,419, up 8% from last year.
"As we head into the fall season, we hope to see similar real estate activity, but higher property prices, relative to relative 2020 and 2021 prices, and a limited supply of new and existing homes, along with the interest rate environment the economy is in, may temper expectations," said Register O’Donnell.