October 2022 Housing Report
“The dramatic uptick in interest rates is having the desired effect on housing. The market is cooling,” reports Linda O’Koniewski, CEO of Leading Edge. “While it feels like a slow down, in fact, we are seeing a return to a more normal market. It was never normal that homes have multiple offers and sell in the first week. Our advice to sellers is, “Your equity is holding, and you continue to have leverage. Inventory is still low in most price points and markets, and absorption rates are high.”
“For buyers, the extreme housing shortage throughout Greater Boston and Southern NH bodes well for steady pricing. We know financed buyers have lost significant buying power. A $3,000 principle and interest payment today will cover a mortgage of $469,000 and would have covered $629,000 last May -- down 25%. Whether or not this is a good time to buy or sell now depends on your circumstances. While home prices are plummeting in parts of the country, our vibrant economy and insufficient supply of housing should keep our prices steady. I wouldn’t hesitate to have one of my children buy now just to get them in the market.”
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!