Move beyond your expectations.

The Greater Boston housing market underwent significant changes in 2023, with rates doubling overnight, causing a seismic shift in the buying and selling dynamics we've known for the past few years. This abrupt change led many buyers to pause their transactions, while sellers held off on listing their properties as their future plans became more expensive. Despite these challenges, life continued, and job and life changes played a role in propelling our market forward, albeit with higher rates.

Thankfully, our market is insulated from most drastic economic changes , due to top-tier schools, hospitals, and thriving industries in science, technology, and startups. This unique positioning has resulted in a more moderate shift compared to other parts of the country.

In Boston in 2023, transactions decreased by 24%, but the median sales price rose by 9% citywide. The average days on market increased by 6% to 73 days, and 34% of listings experienced one or more price reductions. This shows activity is strong but that pricing correctly has a major impact on a listing and there is opportunity for buyers to negotiate a bit more than we have seen in past years.

For now, there continues to be some economic uncertainty in 2024. We are waiting for an increase in inventory to really spark the market. What we do know is that there is no sign of a market crash or major correction. Buyers are making decisions based on opportunity rather than cost, recognizing that life doesn't pause for interest rates. Again, our market's resilience stems from the stability provided by top-tier institutions and industries, suggesting that waiting a year could result in higher prices for the same condo.

During changing market conditions, it is critically important that you work with a knowledgeable professional. If you have questions about how you can prepare to purchase a home today, please reach out. I look forward to hearing from you!