2021 Boston condos: Rising prices
Home-price growth remained in double digits for the 10th straight month in May as inventory lows pushed the median listing prices up 15.2% from last year. But there’s good news for those looking for a home in this competitive market — the rate of price growth moderated for the second time in 13 months.
Realtor.com’s Monthly Housing Trends Report found median home prices across the country continued to appreciate by double digits in May, reaching a new high of $380,000.
How much did the median list price of a Boston home increase in 2021?
The median list price of a home in Boston increased by 11% according to the Monthly Trends Report
What is the average list price in 2021 for a Boston condo?
The avg list price for a Boston condo $700,000.
Did Boston condo for sales listings increase in 2021?
The spring market continued to show signs of normalizing, as new listings increased by 5.4% year over year.
How quickly are Boston condos selling compared to last year?
Boston condos are selling 32 days faster than they were a year ago and 18 days faster than they were between 2017 and 2019, according to the experts.
Did the Boston condo listing increase in May 2021?
In May, Boston’s listings grew 26.8% compared to a year ago, more than twice the average national rate. Homes in the area stayed on the market 32 days less than they did in 2020.
Boston homes were on the market for a median of 22 days in May.
“Homebuyers looking to lock in still-low mortgage rates face fierce competition for fewer homes for sale than last year’s historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month,” said Realtor.com Chief Economist Danielle Hale in a press release. “The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather-related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall.”
Apparently, the lack of Boston condos for sale has kept Boston condominium on its continuous rise, not just here but in nearly all major cities throughout the country. The National Association of Realtors (NAR) last released report Quarterly Metro Home Price Report shows all metro areas i=with increase rising condo prices.
Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:
“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”
Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post:
“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”
With Boston condo buyers rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same condominium later this year or next year. However, as Construction Dive reported, the amount of cash needed to purchase that home will also increase.
“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”