I say no, here’s why. Unlike in 2008 when home prices crashed along with everything else and there were no Boston condo buyers for underwater properties (except by investment firms and REITS). Today, Boston condo buyers are in a stronger monetary position.
This time if Boston condo prices drop, there are numerous Boston condo buyers that have been sitting on the sidelines eagerly waiting and ready to snap up a home.
In 2022, today’s Boston condo buyers are real people, with good paying jobs that are ready to start a life that was put on hold by Covid, lack of inventory, and years of ridiculous prices that produced demoralizing bidding wars. I think the market will deflate sooner or later, not due the bad Massachusetts economy, but because of higher interest rates and the Federal Reserve insistent fight over inflation.