Two trends that are keeping Boston North End condos affordable for Boston condo buyers

Good news for Boston North End condos buyers

Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades. This is good news for Boston North End condo buyers.

These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact,

“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.

However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”

Boston North End mortgage rates

Mortgage interest rates had been on the rise for most of 2018 before reaching their peak in November at 4.94%. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates last week came in at 3.20%.

Boston condo buyers wages

Average hourly earnings grew at an annual rate of 3.2% in March, up substantially from the 2.3% average pace seen over the last 10 years.

These two factors contributed nearly $6,000 worth of additional house-buying power for median households from February to March 2019, according to First American’s research. Fleming is positive about the prolonged impact of lower rates and higher wages.

“We expect rising wages and lower mortgage rates to continue through the spring, boosting housing demand and spurring home sales.

North End Condo Sales Stats 2021

Condominium Listings: 37 Median Liv. Area SqFt: 700 Median List $: $649,000 Median List $/SqFt: $893 Median DOM: 57 Median DTO: 30 Median Sale $: $619,000 Median Sale $/SqFt: $849

Bottom Line for Boston North End Condo buyers

Low mortgage interest rates have kept Boston North End condos for sale affordable throughout the area. If you plan on purchasing a Boston North End condominium this year, act now while rates are still low.

Boston North End Condos for Sale

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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
MLS PIN data last updated at July 26, 2021 8:49 PM ET

Click Here: Boston North End Recent Condo Sales Stats

Click Here: Boston Real Estate For Sale in 2020

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