The FHFA recently announced that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the seventh consecutive year. In our region, single-family home loan limits have risen to a range of $828,000 to $1,060,000, depending on your county. Now is a great time to consider buying. Keep reading to learn about some of the trends we have seen across Greater Boston during the month of November.
In Cambridge, while inventory has seen a decline in the number of single-family homes sold year-over year, the average sale price per square foot has increased 5.9% year-over-year. The condo market has seen a sharp decrease in the number of units sold but remains competitive with sales prices increasing 13.8%.
Inventory in Boston proper remains tight, continuing the trend we have seen throughout the year. The average sale price for condos in the South End is down 16.9% year-over-year and it is down 19.1% on the Waterfront. If you have been thinking of buying, now is still a good time.
We want to help you make informed decisions. Don’t see your community featured in this report or are you looking for information on another type of property? Contact a Senné associate to learn more about what is going on in your local market. Our experts are here to assist with all your real estate needs.
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