Extremely limited inventory and rising prices were once again the defining features of Greater Boston's residential real estate market last quarter.
The state's low unemployment rate of 5.4% (as of November 2021) was also a contributing factor, adding to the healthy supply of buyers.
For single-family homes, inventory plummeted 41% from the final quarter of 2020. Average selling price, meanwhile, rose 12%.
Condo inventory also experienced a significant drop last quarter, 43%, with average selling price creeping upward by 5%.
What should sellers and buyers expect for Q1 and the rest of 2022? Inventory is projected to stay tight, pushing prices higher across most of the market. Look for competitive-offer situations to remain common.
Interest rates are slowly rising, which may affect the buying power of some buyers.
If you're a potential seller, we advise listing your home as soon as possible to take advantage of the scant inventory before rates go any higher.
Buyers, be sure you're pre-approved for a mortgage and your pre-approval is up-to-date, so you're ready to make an offer quickly when the right property comes on the market.