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June 2023 Housing Report

Housing faces a turbulent aftermath of the pandemic," proclaims Linda O’Koniewski, CEO of Leading Edge. During the COVID-induced lockdown, dreams of better-suited living spaces and historically low interest rates drove many to embrace the housing market. Today, however, homeowners clutch onto their affordable mortgages, curbing the supply of fresh properties for eager buyers.

In Greater Boston, encompassing Middlesex, Essex, Suffolk, and Norfolk counties, single-family sales took a dramatic nosedive, down by 30.2%. The first five months of the year saw condo sales in Boston proper drop by a staggering 36.7%, settling at 1378 sold units, a significant tumble compared to 2176 in the same period last year. Those seeking multi-unit homes faced an even steeper drop - a 38.4% decrease in sales. This dwindling trend echoes both locally and nationally. After a peak of over 6.9M homes sold in 2022, experts anticipate sales to shrink to fewer than 5M homes in 2023.

Nationally, the direction of housing prices presents a contrasting picture.

National housing prices persist in a downward spiral, while our local market defies this trend with prices ascending amidst scarce inventory.

The sobering reality for today's buyers unfolds in a single statistic: the average single-family home price in Greater Boston has soared by 10.1% over the past two years. As interest rates surge from 3% to 6.5%, the average mortgage—with a 20% down payment—inflates the cost for the average borrower. Now, it's 65% more expensive to secure the same property, and in the Leading Edge territories of Arlington, Andover, Belmont, Beverly, Boston, Cambridge, Cape Cod, Melrose, Reading, and Winchester, it's even more daunting—up by 72%.

Leading Edge agents remain at the forefront, guiding and supporting clients through this complex market with unwavering dedication and expertise.

The following are location-specific overviews of market changes year-over-year, for a sampling of neighborhoods in the Greater Boston Area. Don't see your town listed? Contact me for a custom report!

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