Boston Real Estate News: Rising prices are slowing
In the video below explains how this year’s price explosion was unusual, and is working its way back to a more-normal pace. I agree with this, and think the market will split, with those products that have been the hottest downtown Boston and the Boston suburbs will stay red hot, while those on the fringes (inferior locations, condition, age, etc.) will struggle to keep up and their appreciation rate will flatten faster.
Boston metro area:
What is the median list price in the Boston metro area?
$700,000 and is 11 percent higher year over year.
How long do Boston homes stay on the market?
Boston homes staying on the market an average of 22 days, a 59 percent decrease, according to Realtor.com.
Are pending sales increasing or decreasing in Boston?
Analysts pointed out a few other indications that the housing market may be returning to a more normal pace, such as the decline of pending sales by 3 percent for the four-week period ending May 2, compared with a 2 percent increase during that same period in 2019. (Pending sales were up 38 percent compared with that period in 2020, but that was during the initial phase of the pandemic when the housing market was nearly at a standstill.)
Are active sales listings increasing or decreasing in Boston?
Active listings fell 37 percent during that same four-week period compared with 2020.
Click to View Google Reviews