Higher rates lower affordable Boston condo inventory
Boston Condos for Sale & Boston Apartments
Higher rates lower affordable Boston condo inventory
According to the National Association of Realtors:
“Single-family home sales declined to a seasonally adjusted annual rate of 3.8 million in March, down 4.3% from 3.97 million in February and 2.8% from the prior year. The median existing single-family home price was $397,200 in March, up 4.7% from March 2023.
At a seasonally adjusted annual rate of 390,000 units in March, existing condominium and co-op sales decreased 4.9% from last month and 11.4% from one year ago (440,000 units). The median existing condo price was $357,400 in March, up 5.8% from the previous year ($337,900).”
This year waiting until spring waiting to list your Boston condo for sale may not have been the wisest choice. So much for hind site. When rates go down prices will go up due to the pent up demand from home buyers who did not want to pay the higher mortgage interest rates.
The best time to sell in 2024 may have already passed.
Keep an eye on the interest rates.
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Higher rates lower affordable Boston condo inventory
Boston Condos for Sale & Boston Apartments
Higher rates lower affordable Boston condo inventory
Updated: Boston Real Estate Blog 2024
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Higher rates lower affordable Boston condo inventory
Some bad news, everyone is talking about how mortgage rates are in the 7s and soon can be in the 8s which is causing a lack of affordability, but I have bad news for those who still want to buy.
There probably won’t be many homes for sale as we approach Thanksgiving.
It will only take one or two headlines about the Boston condo for sale market being crushed by high rates to cause potential sellers to pack it in until “the market gets better”.
