The housing market in Essex has experienced notable changes in 2024. Property prices have decreased, and the number of transactions has dropped significantly. In this blog, we will explore the current state of the housing market in Essex, examining average property prices, median prices, price trends for different types of properties, and the distribution of sales across various price ranges.
Current Property Prices in Essex
As of 2024, the average property price in Essex County stands at £391,000. This figure represents the typical cost of a home in the area, providing a general sense of the market’s overall pricing. Additionally, the median price, which indicates the middle value in the range of prices, is £345,000. Please note that these house prices can differ depending on the area. With an experienced estate agent within the local area, you are starting off on the right foot to ensure that the process is as smooth and seamless as possible.
These figures illustrate a diverse market where prices can vary significantly depending on the type and location of the property. For example, established properties, which refer to homes that have been previously owned and occupied, are priced at an average of £390,000. In contrast, newly built properties command a higher average price of £458,000, reflecting the premium often associated with brand-new homes.
Decline in Average Prices
Over the past twelve months, Essex has witnessed a decline in property prices. The average price of homes in the county has dropped by £17,500, which translates to a decrease of 4%. This decline is indicative of broader economic trends and potential shifts in demand within the housing market.
Several factors could contribute to this price reduction, including economic uncertainties, changes in buyer behaviour, and varying levels of supply and demand in different areas of Essex. Understanding these factors can provide valuable insights for both current homeowners and prospective buyers looking to navigate the market effectively.
Sales Trends and Volume
In addition to the drop in prices, the number of property sales in Essex has also seen a significant decline. Over the last year, there were approximately 16,000 property sales, marking a sharp decrease of 38.7% or 11,100 transactions compared to the previous period.
This reduction in sales volume could be attributed to several reasons, including stricter lending criteria, higher interest rates, or potential buyers waiting for more favourable market conditions. Regardless of the cause, this trend highlights a significant slowdown in market activity, which can influence the pricing and availability of properties.
Price Range Distribution
Analysing the distribution of property sales across different price ranges provides further insights into the Essex housing market. The majority of properties sold fall within the £300,000 to £400,000 price range, accounting for 29.2% of total sales (4,672 properties). This range appears to be the most active segment of the market, suggesting strong demand for homes priced within this bracket.
Following this, the next most popular price range is £400,000 to £500,000, with 15.3% of properties (2,450 homes) sold within this range. These figures suggest that while there is substantial activity in the mid-market segment, higher-priced properties also see significant movement, albeit at a lower volume.
The housing market in Essex has experienced notable changes in 2024, with a decline in both property prices and sales volume. The average property price has decreased by 4%, reflecting broader economic trends and shifts in market dynamics. Established properties are generally priced lower than newly built homes, which command a premium.
Understanding these trends is crucial for homeowners, buyers, and investors looking to make informed decisions in the Essex property market. As the year progresses, keeping an eye on these developments will be essential for navigating the evolving landscape of housing in Essex.
By staying informed and adaptable, individuals can better position themselves to take advantage of opportunities and mitigate risks in this changing market. Want to know more about homes within the Essex area or specifically properties in and around Billericay? Get in touch with Ashton White today.
