With pending home sales down and new listings up from last year, the Boston real estate market is showing the first signs of a slowdown. But prices are still 11.3% higher than May 2021.
Why it matters: We keep hearing that a market crash is coming, but so far the local data doesn’t support this claim.
Yes, but: Monthly data shows the first signs of a colder market, even a slight one.
Data: Redfin; Graphic: Kavya Beheraj/Axios
What’s happening: From May 2021 to May 2022, new listings are up 3.7% and pending sales are down 3%.
Zoom out: Nationally, mortgage applications are down 24%, and an average of 6.5% of sellers lowered their asking price each week in June, according to Redfin’s latest market update.
Be smart: Inventory is still critically low overall, which continues to drive home prices higher.
What we’re watching: New listings and pending sales. If more listings flood the market this summer and people don’t bite, that’s when we’ll start to see more power pass into the hands of buyers.
Bottom line: we’re still not seeing big changes in Boston, but we’re starting to see the first signs of a cooling market.
Support local journalism by becoming a member.
More Boston stories
Get a free daily digest of the hottest news in your backyard with Axios Boston.
Support local journalism by becoming a member. On the same subject : Chinese real estate development that accepts watermelon as a payment: This is why.
Will the housing market crash in 2023?
Nationally, the average market home price could drop more than 15% from February this year to December 2023. Read also : Karma Developers and Real Estate launches new investment opportunities in the UK.. Still, until then, average home prices will remain 30% above average prices at the end of 2019.
Will the housing market collapse in 2024? Experts in a recent survey by Zillow Research believe that housing stock will return to pre-pandemic levels by the end of 2024. Despite rising mortgage rates putting pressure on demand for homes, home prices are still sky-high.
Will houses be cheaper in 2030?
According to RenoFi, the average price of a single-family home in the US could reach $382,000 by 2030. This may interest you : Real Estate Complies With SEC Climate Disclosure Proposal With Strong Criticism. Depending on where you live, that figure might seem like a drop in the bucket compared to home prices in your city.
Is a housing market crash on the way in 2022?
Will housing market prices fall in 2022? As we said, home prices are unlikely to fall in 2022 and beyond. Freddie Mac predicts that home prices will grow at a slower rate of 5% in 2023, but will not fall for years to come.
Will US home prices drop in 2022?
That said, the cooling off of the housing market saw the odds of an increase in home prices decline. At least at the regional level. Between April 2022 and April 2023, CoreLogic predicts that home prices in the US will rise by another 5.9%.
Are Boston real estate prices dropping?
The Greater Boston real estate market is hot with rising prices in 2022. The Boston real estate market is experiencing a serious imbalance between supply and demand, which is causing a steady rise in home prices. The average sale price of single-family homes has increased by double digits in ten of the last sixteen months.
Are Boston real estate overvalued? After two years of pandemic-driven growth, the Greater Boston real estate market is “overvalued,” according to a report released Tuesday by global real estate information firm CoreLogic.
Is it a good time to buy a house in Boston?
March through April is the peak of the home buying season in Massachusetts. If you don’t mind moving in the winter, however, any seller with a home on the market is likely to accept a much lower offer.
Are house prices falling in Boston?
New listings for single-family homes were up 6.2%, while condominiums were down 4.9%, both compared to the same period last year. Compared to May 2021, closed sales were down 7.8% for single-family homes and 12.4% for condominiums.
Is Boston a buyers or sellers market?
Boston, MA is a sellers market in May 2022, which means there are more people looking to buy than there are homes available.
Are Condo Prices Falling in Boston? Condo prices also rose in May to $531,501, up 5.1% from 2021, while condominium listings were down 4.9% from last year. The report also found that single-family gated sales were down 7.8% from last year, while gated community sales were down 12.4%.
Is Boston good for real estate?
One of the most sought after real estate markets is located right here in Boston, Massachusetts. In the last 8 years, according to Mashvisor, the average listing price in the city has risen by more than 80%. That’s more than the rest of the country. One of the main factors for this is its size.
Are house prices falling in Boston?
New listings for single-family homes were up 6.2%, while condominiums were down 4.9%, both compared to the same period last year. Compared to May 2021, closed sales were down 7.8% for single-family homes and 12.4% for condominiums.
