Boston condo prices are still rising
Boston condo prices are still rising
If you’re considering buying a home or selling your current one to find something that better suits your needs, you may have questions about what’s happening with home prices today. Here’s what you need to know.
There’s still a lot of confusion and misinformation out there. So, no matter what you may have heard, the national data shows they’ve actually been climbing again (see graphs below):
As you can see, in the first half of 2022, home prices went way up. Those increases were dramatic and unsustainable. So, in the second half of 2022, prices adjusted. Those dips were small and didn’t last very long. Still, the news made a big deal about these slight declines, which may have made you worry.
But what’s important to know is that, in 2023, prices are going up again, and this time it’s at a more normal pace. The fact that all three reports now show more typical price increases this year is good news for the housing market.
Home Prices Are Rising Across the Top Cities in the U.S.
After seeing steady home price growth at the national level for the last several months, you may wonder if prices are going up in your local area, too. Know this: while this will vary from one area to the next, home prices are appreciating in these top cities Case-Shiller reports on in their monthly price index (see chart below):
That’s why so many experts are able to forecast home prices will end the year in the positive and continue going up in 2024.
Here’s How This Affects You
- For Buyers: If you’ve been waiting to buy a home because you were concerned it might lose value, the fact that home prices are going up should ease your worries. Buying a home before prices climb higher can be a smart move since home values typically appreciate over time.
- For Sellers: If you’ve been postponing selling your house because you were worried about how changing home prices would affect its value, now might be a good time to work with a real estate agent to put your house on the market. You don’t have to wait any longer because the data shows home prices are in your favor.
If you delayed moving because you were concerned home prices would drop, don’t worry – the numbers show they’re going up nationally. To better understand how home prices are changing in your local area, let’s connect.
Boston condo sales jumped to their highest first-quarter total in 16 years, according to a recent Douglas Elliman Downtown Boston market report.
Sales jumped 18% year over year in the first quarter to 637, the highest first-quarter total since 2006. The average square foot of a sale declined for the fourth straight quarter to 1,132 square feet, 9.1% below the same period last year.
The median sales price fell 16.6% below last year’s record of $1.01 million, the fourth consecutive quarterly decline. Listing inventory rose 44.9% year over year but fell 46.7% from the third quarter of 2020 in the wake of last spring’s COVID-induced lockdown.
The report also found condominiums are staying on the market longer — an average of 83 days — four days more than the same period last year.
Townhouse sales trended similarly, surging from last year during the first quarter and rising for the first time in five quarters. There was a 3.4% year over year drop in sales, while the average square foot of a sale was 18.6% below the year-ago period and down for the fourth straight quarter.
The median sales price of a townhouse fell 2.3% to just over $1.5 million for the fourth consecutive quarterly decline. Listing inventory increased 32.3% year over year but was down 51.2% from last summer’s spike.
Click Here to view: Google Ford Realty Inc Reviews
In its latest luxury market report, Redfin found that luxury home prices in the U.S. rose 7.4 percent year over year to an average of $1.76 million in the fourth quarter of 2017. The analysis tracked home sales in over 1,000 cities across the country to analyze the market for luxury homes, which it defines as the top 5 percent of most expensive homes sold in each city in each quarter.
The number of luxury homes sold around the country is quickly increasing, with sales of homes priced at or above $1 million rising 15.2 percent from a year ago, and the sales of homes priced at or above $5 million rising 13.7 percent.
These homes spent an average of 75 days on the market, eight fewer days than in the fourth quarter of 2016.
“The stock market hit all-time highs with gains in nearly every sector last quarter, instilling confidence among the wealthiest homebuyers,” said Redfin chief economist Nela Richardson. “As a result, we saw double-digit growth in luxury home sales in the last months of the year.”
Luxury supply saw three consecutive quarters of decline after the number of homes for sale priced at or above $1 million fell 23.8 percent in the fourth quarter of 2017 compared to the same period last year. The inventory shortage paired with increasing demand contributed to the trend of price increases in the market, causing the number of homes priced at or above $5 million to decline as well, with a 23.4 percent decrease over the same period.
Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.
SEARCH FOR CONDOS FOR SALE AND RENTALS
- Back Bay condos $500k – $1M
- Beacon Hill condos $500k – $1M
- Charlestown condos $500k – $1M
- Charlestown Navy Yard condos $500k – $1M
- Dorchester condos for sale
- Dorchester Heights condos
- Fenway condos $500k – $1M
- Jamaica Plain condos $500k – $1M
- Leather District condos $500k – $1M
- Midtown downtown condos $1M – $5M
- Seaport District condos 4500k – $1M
- South Boston condos $500k – $1M
- South End condos $500k – $1M
- Waterfront condos $500k – $1M
For more information please contact one of our on-call agents at 617-595-3712.
Boston condos for sale near Downtown/Midtown Boston
Back Bay Boston condos
Beacon Hill Boston condos
Charlestown Boston condos
Navy Yard Charlestown Boston condos
Dorchester Boston condos
Fenway Boston condos
Jamaica Plain Boston condos
Leather District Boston condos
Midtown Boston condos
Seaport District Boston condos
South Boston new condos
South End new condos
Waterfront new condos
North End new condos
West End new condos
East Boston condos
Condos around the Midtown area to rent:
Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent
Click here: Boston Midtown Condos For Sale.