As more Boston condo sellers returned to the market in this Spring, downtown Boston real estate are sales are faster than ever, even as prices hit an all-time high and are expected to grow even higher.
More homes came on the market this month compared to last year when COVID caused shelter-in-place orders nationwide, according to Realtor.com’s Monthly Housing Trends Report.
Despite that growth, inventory levels are still below pre-pandemic levels (nearly 26%) and the median home price soared 17.2% year over year to a new high of $375,000. Additionally, the report found that nationally, homes sold in a record low of 43 days, 20 days less than this time last year.
New Real Estate Listings
New listings in April increased 32.6% over last year, yet they are still below pre-pandemic levels with 25.5% fewer homes listed this month than the average rate of listings in 2017-2019, the report indicated. Active listings were down 53% year over year, and total inventory, including pending sales, was down 21.9%.
This month, active listings nationally grew by 17.2% from last year to an all-time high of $375,000. Median home prices increased 11.6% over last year in the 50 largest metros. In March prices increased 12.1%, a sign of lowing price growth in larger markets according to the report.
Boston Real Estate and the Bottom Line
This month, Boston saw list price growth of 13.3% year over year to $699,000. Homes stayed on the market for 24 days less than they did last year, at an average of 22 days. Year over year there was a 97.7% increase in new listings, and the active listing count year over year was down 25.1%.