April 2023 - Greater Boston Real Estate Market Update

Are you curious about the Greater Boston real estate market in April 2023? In this blog post, we will show you how competitive the market is and what you need to know to succeed in this environment.

Single Family Homes

In April 2023, the median sales price for single-family homes in the Greater Boston Area remained the same as in March at $825,000. This figure represents a 2.4% decrease compared to April 2022, when the median sales price was $845,000. The market seems to be cooling off and remaining relatively flat year over year.

The sale-to-list price ratio for single-family homes in April 2023 was 104%, meaning that on average, homes were selling for 4% above their list price. This ratio reflects a 2.2% increase compared to March 2023 and a 3.0% increase compared to April 2022. Overall, the market remains highly competitive for single-family homes.

Condominiums

In April 2023, the sale-to-list price ratio for condominiums in the Greater Boston area was slightly less competitive at 100.8%. Condos were selling at just about their list price, reflecting a 0.7% increase compared to March 2023 and a 2.3% decrease compared to April 2022. The condo market is following a similar trend as single-family homes but is slightly less competitive.

Inventory

For single-family homes in April 2023, there were 1,188 new listings on the market. This figure represents a 9.7% decrease compared to March 2023 and a surprising 31.3% decrease compared to April 2022. The low inventory is driving the market's competitiveness and causing offers to go above the list price.

For condominiums, there was a 24.9% decrease in new listings compared to April 2022. Both single-family homes and condominiums are experiencing a significant drop in new listings year over year.

Factors and Expectations

One reason for the low inventory is that many current homeowners have lower interest rates on their existing homes compared to what they could get if they were to sell and buy a new home. As a result, many homeowners are choosing to stay in their current homes rather than sell and buy a new property with higher interest rates.

We expect the market to remain competitive throughout the spring and summer, with homes continuing to sell for above their list price. The volume of new listings over the next few months will influence the extent to which prices rise. We anticipate a continued double-digit decrease in new listings year over year, leading to upward pressure on sales prices for both single-family homes and condominiums in the Greater Boston area.

Advice for Buyers

If you're considering buying a home, we recommend starting your search a few months ahead of when you plan to purchase. This approach will give you plenty of time to find the right property without feeling rushed to meet specific deadlines.

Conclusion

Stay tuned for our market update next month, and don't forget to subscribe for more tips and news about the Greater Boston real estate market. If you found this information helpful, please like and share this post!