Realtor.com looks to a strong seller’s market in 2021 in its Housing Market Predictions and Forecast. The median price is forecasted to rise 5.7% hitting a historic high. Mortgage rates for 2021 will go up later in the year to around 3.4%. Overall nationwide home sales should increase by 7% adding fuel to an already hot seller’s market.
Hold onto your excitement on getting that dream Boston Seaport condo for sale minus bidding wars and above asking selling prices. Inventory will remain low for the first quarter of 2021. Buyers who have taken a holiday break will be back looking after the first of the year.
Affordability continues to be a challenge in many areas in the downtown Boston real estate market. What may help buyers is increased inventory later in the year. As vaccines are rolled out expect to see sellers who have held back listing their homes due to COVID put their homes on the market. We expect to see those reluctant sellers come back later in the year.