The sun is out. The heat has kicked in. What more could you want from a New England summer? Whether you’re headed to the beach or taking it easy at home, it is a good time to reflect on some of the trends we have been seeing across the real estate industry this summer. From the city to coast to country, Senné has you covered wherever life may take you.
Housing market prices have soared in 2022. In Arlington, while inventory has seen a relatively small decline in number of homes sold year-over-year, sale prices are up a substantial 29% in the single-family market. On the other hand, the condo market remains relatively stable and saw only 1.1% decrease in the year-over-year sales price.
While inventory in Boston remains tight, certain neighborhoods are showing signs of cooling down! Average list prices in Beacon Hill are down 18% year-over-year and they’re down over 40% in Back Bay. If you have been thinking of buying, now is still a good time. Mortgage rates are starting to come down, having recently fallen to their lowest point since April.
Read our July market report here!
Don’t see your community featured in this report? Contact a Senné associate to learn more about what is going on in your local market!
Published: August 8, 2022
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