LYNN — The city’s housing market grew by roughly 22% in value in 2023, leaving the city’s residential real estate price at a six-year high.

Data collected from the online brokerage company Redfin reports that the median sale price of a home in Lynn has risen from $480,000 at the end of 2022 to $585,000 at the end of 2023. The 21.9% price bump follows the city’s first housing market dip since 2017, which occurred in 2022 when the median housing price decreased by 4% from the prior year.

North Shore Community College Economics Professor Moonsu Han said that while overall, property values throughout the country have been trending downwards since 2022, housing prices in the Northeast, particularly the Greater Boston area, have been steadily increasing.

“The gap (in housing prices) between Western area and Northeastern areas is still huge, near record high. The housing market in the Northeastern part of the United States is really hot, even though we have really high-interest rates, especially in Lynn and the Greater Boston area,” Han said.

According to Redfin, the number of home sales in Lynn also dropped by more than 11% between the end of 2023 and 2022. In 2023, listed homes remained on the market three days fewer than in 2022 before being sold.

Han said the growth of life sciences in the greater Boston area is growing the region’s population of young, well-paid professionals, contributing to a greater demand for quality housing in Lynn and, consequently, a more competitive market.

“The inflow of people into the area is big. That’s why a lot of people want to buy houses. However, COVID was a period of time when a lot of people refinanced their house with really, really, low-interest rates, leaving little incentive to sell their houses,” Han said. “There’s a much greater demand than there is a supply.”

Considering Mayor Jared Nicholson’s Administration and the city’s goals for inclusive growth, economic development, improved education, and reduced crime intervention, Han said he expects the city’s housing market to continue to grow in the future.

“The city’s leadership has a focus on inclusive growth, better infrastructure, education, and peace… that’s very important for housing prices and for the overall welfare of Lynn’s residents,” Han said.

With the revival of the Lynn ferry last summer and the temporary Lynn Commuter Rail platform on Ellis Street opening last December, Han said he expects faster transit between Lynn and Boston to correlate with the growth of Lynn-to-Boston commuters.

Han added that the development of condominiums and houses in Lynn and investments in education will likely fuel one another, increasing demand for Lynn homes.

“I think the City of Lynn has a really, really bright future,” Han said. “The housing market in Lynn is very, very hot, and it will continue to grow.”