The 2020 housing market was a year of extremes. Within the span of just a few months, we saw Boston high rise condos go from hit decade highs and decade lows. Going into 2021, economists and industry players project home prices will be rising by 5.7% in 2021 and that the seller’s market will continue for the foreseeable future.
A Boston condo for sales seller’s market is when there are more people buying condominiums than downtown condos for sale. If you’re buying in a sellers market, you’ll encounter higher prices and increased competition.
At this point in time I don’t see how anyone can predict which way the downtown Boston real estate market is heading. The reason I say this, there are so many unknown factors that can determine the future on the Boston condo for sale market.
Here are a few factors that you would need to know to predict the Boston condo market in 2021:
- When will the masses have access to the Covid-19 vaccine?
- When will workers be going to work in commercial buildings again?
- Will working from home be the new normal in 2021 and beyond?
- Will Baby Boomers still want to move to the city as they did pre-pandemic?
- How long will it take for boutique stores and restaurants to re-group?
I can’t imagine any economist or an honest downtown Boston real estate broker can give you affirmative answers to the above questions..