Happy May and welcome to our monthly market update! We're taking a look at the north of Boston real estate market, specifically for Middlesex and Essex counties and comparing single-family homes sold in April of 2021 to April of 2022. The total number of active properties went down again by about 18%, so there's really not much on the market. The total number of homes sold also went down by about 19%. Days on market (the time it's taking homes to sell) dropped as well, to 17%. But median prices continue to be on the rise and went up about 14%. So there's a lot going on in the world today and rising interest rates definitely had an impact on the market. In multiple offer situations, we are seeing fewer offers than what we did in the past. So where does that leave us today and which way is the market headed? Well, experts do predict that interest rates should continue to rise throughout the remainder of the year, just not as quickly as they did during the beginning part of the year. Experts do predict home prices should continue to rise with projections anywhere from 6-11%. If you're thinking about buying or selling a home in today's market, pricing and values are critical. Experience truly matters! So if you're thinking about buying or selling a home in the suburbs north of Boston and want honest advice without the sales pitch give us a call at 617-275-3379.
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