Market Trends 2016-2017
Changes in the Real Estate market during 2017 compared to 2016
The Greater Boston real estate market was still booming throughout 2017!
Below is a short summary of some of Greater Boston communities’ real estate market trends in 2017 compared with 2016
In Newton, Cambridge and Lexington the median selling price for single family homes (SF) continued to rise and were above the $1M mark. In Brookline it was close to $2M and it rose 17% compared to 2016. In Newton , Needham and Natick the median sale price went up 8% – 9%, while in Cambridge there was a very small change (1.7%).
Looking at the trend for the past 9 years shows continued increase in the median price for homes all across the greater Boston region.
Condo median prices went up (4%-11%) in almost all towns and cities we looked at.
Only in Natick was there a decrease in median sale price for condos, where it went down by 4.3%.
In most towns there was a decrease in the number of Single Families (SF) sold as well as a strong decrease in the number of condos sold during 2017 compared to 2016.
2017 was a very strong year and the main question is how the Real Estate market will be during 2018. There are predictions that interest rates will rise and that might affect the prices.
However available inventory is very low and the demand is still high. So it might not affect the prices as quickly as we might want to see.
In conclusion: If you are a seller – It is a good time to sell (and I believe winter time is a great time to sell). If you are a buyer – be patient, don’t wait too long as the increase in interest rate might affect your buying power.
If you wish to hear a more detailed analysis of the market in your community, don’t hesitate to email me: firstname.lastname@example.org or call: 617-833-1055.
I’m looking forward to serving you, your friends and family in the coming 2017.
Happy New Year.