My thoughts on the Boston condo market for 2022
I expect to see continuing strength in Boston condo for sale buying demand especially in the affordable market, as a result of demographic trends in home-buying activity from Millennials and Baby Boomers as well as continuing remote work opportunities. However, housing supply headwinds from ongoing supply chain constraints will impact inventory at least for the first part of the year. In addition, all the new construction is designed for high income Bostonians, which does not bode well for individuals looking for their first Boston apartment for rent or first-time Boston condo buyers.
I also anticipate an uptick in mortgage interest rates—although we do not expect them to increase dramatically or abruptly—while incomes rise and the economy strengthens. The new FHA loan limits that will become effective January 2022 will allow for additional first-time buyer participation across the downtown Boston condo market
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Where is the Boston condo market heading?
My Boston condo projections haven’t been that accurate in the past, which means my guess of fewer sales shouldn’t be taken as gospel. Bottom line, Boston condo pricing should keep rising though, due to buyers buying luxury condos and with fewer less expensive Boston condos selling, the median Boston condo price may still rise even though prices in general are stagnant or falling.
A combination of Boston luxury condo prices and eroding affordability is expected to cut into the Boston housing demand and contribute to a weaker housing market in 2019.
My predictions, while Boston condo prices will hold next year, interest rates will likely rise and compound housing affordability issues, would-be Boston condo buyers who are concerned that Boston condos prices may have peaked will wait on the sidelines until they have more clarity on where the housing market is headed. This could hold back housing demand and hamper home sales in 2019.
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