Boston Single Family Market Report
Boston’s real estate market for single family homes took a big hit last month. Total single family sales in October were down by -14% year over year in Boston after the Fed raised interest rates in September by 0.75%. That was the third increase of 75 basis points in four months and 5th rate hike of 2022 up until that point. As a result, median sale prices for single family homes took a big hit in November and are trending downward.
Boston Single Family Median Price Hits Lowest Point Since November 2021
Last month, Boston’s median sale price for single family homes was $759K. While still up +7.09% year over year, it was the lowest median sale price recorded for the City of Boston since October 2021. It was also a steep drop from the $943,013 single family median sale price recorded just a month earlier in September.
What Will Happen To Home Prices in 2023
As the economy drags into a recession in the second half of 2022, we’re already seeing the negative effects on housing markets nationwide.
Home sales have cratered over the past 3 months as a result of the Fed raising interest rates 5 times in 2022.
Home prices have already begun backtracking as a result, casting a shadow of doubt on the future of the housing market.
Many are wondering what is going to happen to home prices in 2023. Most industry experts agree on one thing:
How To Prevent Thyroid Issues While Pregnant
From the day you find out you’re pregnant, to the day you give birth, there’s a whole lot of planning and preparation in between. A lot to do with the baby’s health, your health, all the way down to what the nursery looks like. However, this guide will focus on one very specific health issue that’s common in many pregnant women. Thyroid issues.
How Long Does It Take To Recovery From Delivery
So, you’ve finally given birth! Getting home and being proactive for your new bundle of joy may be the first thing on your mind. However, just as their body needs time to grow, yours needs time to heal. You may find yourself asking: “How long till I feel like me again?” Follow our guide below to help pinpoint an answer.
Boston Condo Market Report
The red hot real estate market in Boston is finally cooling off as we head towards the end of 2022. After a decade-long period of record growth, soaring inflation and rising interest rates have effectively put a chokehold on demand for Boston real estate. Year-over-year total sales for all property types in Boston have been in the red for 10 consecutive months now, the longest span since 2010. Even more concerning is the fact that total sales have dropped by margins below -20% for the past 4 months, indicating the demand destruction is accelerating.
What To Expect After Delivery
Childbirth is a time of elation for couples. As you and your significant other bring a new family member into the world, you cannot help but feel the joy that little bundle of love brought with them. However, you may also be rightfully nervous and find yourself asking the question: “What should I expect after delivery?”
Boston Multi Family Market Report
Demand for multi family homes in Boston is eroding based on the most recent MLS data. Total 30 day sales of multi-family properties were down for the fourth month in a row in Boston. This drop in total sales occurred as economic conditions have worsened. Soaring inflation has prompted the Fed to raise interest rates 6 times thus far in 2022, effectively stifling demand for Boston real estate.
The market for multi-family was not immune to this trend. Median sale prices for Boston multi-family properties have leveled off over the last 5 months after seeing record growth throughout the previous 10 years.
For the first time since the last housing crisis, year-over-year median sale prices for multi-family properties hit negative margins in 3 of the past 6 months.
Boston Single Family Market Report
Boston’s real estate market for single family homes took a big hit last month. Total single family sales in October were down by -14% year over year in Boston after the Fed raised interest rates in September by 0.75%. That was the third increase of 75 basis points in four months and 5th rate hike of 2022 up until that point. As a result, median sale prices for single family homes took a big hit in November and are trending downward.
Boston Single Family Median Price Hits Lowest Point Since November 2021
Last month, Boston’s median sale price for single family homes was $759K. While still up +7.09% year over year, it was the lowest median sale price recorded for the City of Boston since October 2021. It was also a steep drop from the $943,013 single family median sale price recorded just a month earlier in September.
Boston Real Estate Market Shows Signs of Slowing
Boston’s real estate market for condos notched a surprising spike in median sale price last month despite year-over-year sales being down by double digit margins. Boston’s median condo sale price in October jumped by +9.7% month-over-month, and is up +14.79% compared to October 2021. While the MLS data shows that prices are still up year-over-year, rising interest rates have already taken a toll on the demand for Boston condos and prices will likely begin to tumble soon.
Boston Real Estate Market Report Q3 2022
As we enter the final quarter of 2022, it appears like the decade-long period of growth for Boston’s real estate market is grinding to a halt. The most recent MLS data shows that rising interest rates have effectively suffocated demand for Boston real estate in Q3. Total 30 day sales from September are down -37.24% compared to a year ago. Meanwhile, the total number of sales listings are up 25.10% over the same period.
As a result, Boston’s 30-day median sale price has been slipping from the record high of $876,091 set in May of this year. Last month’s 30-day median sale price of $807,303 is still up by a slim margin (+3.64%) compared to September 2021, but current data trends show that year-over-year price growth will soon be in the red in Boston. Let’s take a look at the trends driving Boston’s real estate market.
Demand For Boston Real Estate Waning
In September, the City of Boston recorded 455 residential real estate transactions across all property types. That marked a -37.24% drop in total sales from September 2021 and was the lowest recorded September sales total of the past 5 years.
