The City of Boston's most recent Real Estate Market Report is in from July 2023! We're excited to share this information with you. We will share a few highlights, as well as the link to the whole report, below. If you have any questions, or want to know how your home stacks up in today's market, we'd love to chat - contact us today!
Highlights from the Boston Real Estate Market Report, July 2023
The average Sold price has increased since last year by about $50,000 from approximately $1,023,000 to $1,074,000 - continuing the trend of continually increasing home prices.
The number of new listings both on the market and sold is down significantly. This year (year-to-date) there has been roughly half the new inventory that we saw last year. Low inventory means it's a great time to sell, because there's less competition for the pool of buyers looking for a new home.
Homes are selling at 100% of list price, on average.
The Absorption Rate (number of homes sold in a month divided by the number of homes on the market) has steeply declined over the past few months, indicating we are still in a Seller's Market.