Boston Condos for Sale and Apartments for Rent
Boston condo market: Some thoughts for 2023
In Boston, home prices posted a 4.2% year-over-year gain in January; month over month, they were down 0.3%.
As we approach the end of 2022, we haven’t seen any significant reductions on Boston condo for sale pricing that would have made it easier for Boston condo buyers, so the interpretations of the market’s direction for 2023 will be scattered.
Here are three scenarios that I see playing out for the Boston condo market:
The first scenario, the inventory of Boston condominiums that are outskirts of downtown Boston will get picked over, with most buyers in shock over how little the pricing has adjusted for the unrenovated homes. Those listings will languish on the market as the sellers patiently hope that the ‘right’ buyer is coming tomorrow, or someday soon. But once a listing has gone unsold for more than a month or so, we know what happens – it triggers the lowball offers.
The second scenario, some Boston condo buyers will think there is more downdraft to go for Boston proper condos and wait it out, they will be watching the Fed and the direction of interest rates. Should rates start to rise again, they may drop out of the market all together.
The third scenario, some Boston condo buyers will be worried that prices may continue to rise, but if they can obtain a Boston condo 5% or even a little more it would be about right and will move forward with a purchase.
Boston condo for sale market for 2023
Together, these three groups will make the Boston condo market for 2023.