The housing market in Chelsea continues to see strong price appreciation, with values up 15.1% compared to last year. The median home price of $371,000 represents a substantial 15.1% increase from this time last year. At the current pace, all available homes in Chelsea would sell out in just 1.9 months, indicating a continued supply shortage. Transaction volume is up 77% compared to what's typically expected this time of year. A significant 26.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 15.1% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Chelsea market with the affordability index at 166.5. Based on current market indicators, home prices in Chelsea are projected to decrease by approximately 7.8% over the next month.