It looks like the price of homes, in particular, single families, is on the rise in Greater Boston.  According to the Greater Boston Association of Realtors, the median price is $910,000, which is more than a 9% increase over the same month last year, setting a new March record.

So, if you thought housing prices would level off or go down, you’re sadly mistaken. With March typically the beginning of the spring upswing in the housing market, we may be in for another summer of record-breaking home prices.  Good news for homeowners – not great news for homebuyers.

So why the rise in prices? Basically, it’s a perfect storm of not enough inventory and higher mortgage rates. The Boston Globe reports that the average rate on a 30-year fixed-rate mortgage was 6.88 percent last week, still more than double the rate two years ago.

What about condo prices, you ask? Well, they are on the rise too.  Takeaways?  Well, if you want to buy a home, just bite the bullet and buy it.  Especially here in the neighborhood, there does not seem to be any relief in the near future.  And if the way the market is tracking, the house you buy today will be more valuable in a year.

You can get all the details here. 

 

 

2 Comments

  1. Joe Cappuccio April 19, 2024 at 9:00 pm - Reply

    Do what families did years ago, pool your money and buy the house.

  2. JUSTYN TYME May 19, 2024 at 11:49 am - Reply

    In 1952 my Grandparents, her sister/husband pooled their money and bought a 3 Decker on P St between E B’dway and Fourth. Grand Aunt and Uncle lived on 1st Floor, Grandparents on the 2nd and we on the 3rd.
    The house cost $5000.00 paid in cash. It needed alot of work. My Grandfather was an excellent handyman
    and could fix or make anything. Everyone pitched in with the work needed. Men especially: 3 Uncles and 1 brother -in-law . We lived there from 1952-58 then moved to Braintree. The 3rd floor was always reserved for family members in transition. Several family members used it for different lengths of time up to 1993. Rent was Family Rent: Cheap. I used it as an adult for a few years to care for my Grandparents d.1982. Families were close then and your word was your bond. I have many fond memories of that HOME not house on P Street that means to much to me. I miss them all! It all about FAMILY!!!

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