Boston Condos for Sale and Apartments for Rent

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Economist from Realtor.com real estate prediction 2023

The Boston condo market is sending clearer signals that historically low mortgage rates and the home-buying frenzy have come to an end. As we near the end of 2022, here’s a look at the expectations of real estate market from Danielle Hale, Realtor.com chief economist for 2023.

Danielle Hale, Realtor.com chief economist: After several years of an unambiguous sellers’ market, the 2023 housing market could feel more like a nobody’s market. We expect to see some home buyer advantages in the form of 22.8% more homes for sale, however, the increase will result largely from homes taking longer to sell amid challenging affordability conditions. For-sale homes will remain high-priced with the national annual median price for 2023 expected to advance another 5.4%—less than half the pace observed in 2022. Still high prices mean that homeowners are likely to walk away from a home sale with significant equity if they decide to venture into the market and can find a buyer.

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Boston condos for sale

Home sales to be dramatically lower in 2023

On the whole, however, we expect home sales to be dramatically lower, down 14.1% compared to 2022 as both buyers and sellers pull back from a housing market and economy in transition.

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Boston Real Estate Blog

Boston condo first-time home buyers

For many potential first-time home buyers, 2023 will herald a delayed dream rather than a celebration as home costs exceed what’s possible on their budget and income. As fewer households make the jump to homeownership.

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Boston Real Estate Blog

Apartment Rental Market

Increased rental demand could help keep apartment rents moving higher. Nationwide, the median rental is projected to increase 6.3% in price, even as an influx of new multifamily housing helps to better meet rental demand. Renters looking to save in the year ahead may consider moving further out to the suburbs.

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Beacon Hill apartments for rent

Source: Realtor.com

Boston Real Estate Blog