The Massachusetts real estate market is experiencing an unprecedented spring season. A record number of houses on the market, sparking bidding wars and pushing prices up even further. “The market is currently one that we’ve never seen before,” said realtor Melissa Mayer of the Mayer Realty Group of Compass. It’s an uphill battle for anyone trying to buy a home in the Boston area: “Inventory has historically been low,” said Dino Confalone of the Greater Boston Association of Realtors. There are only a few houses for sale – likely a result of the pandemic and general uncertainty. “What happened with COVID last year was a lot of people were guessing the sale, stuck, which led to 2021 and that definitely contributes to low inventory levels,” Confalone said. The median sales price for single-family homes this year has increased by 9% compared to the previous year, while the number of new registrations has decreased by 8%. “If you have the chance to sell, don’t wait,” Mayer said. Mayer said demand for home rentals is driving prices up, but waiting buyers may soon find the market easing. “Now people are taking stock, the vaccines are out, we are expecting a change and a shift that just hasn’t happened.” That hasn’t happened yet, ”said Mayer. “It has definitely felt frozen for the past two months, now it’s starting to thaw,” said Confalone.
BRAINTREE, Mass. –
The Massachusetts real estate market is experiencing an unprecedented spring season. A record low number of houses on the market that sparked bidding wars and pushed prices up even further.
“The market is currently one that we’ve never seen before,” said realtor Melissa Mayer of the Mayer Realty Group of Compass.
It’s an uphill battle for anyone trying to buy a home in the Boston area.
“Inventory has historically been low,” said Dino Confalone of the Greater Boston Association of Realtors.
There are only a few houses for sale – likely due to the pandemic and general uncertainty.
“What happened with COVID last year was that a lot of people were guessing the sale, stuck, which led to 2021 and that definitely adds to the low inventory,” Confalone said.
The median sales price for single-family homes this year has increased by 9% year-on-year at this point in time, while the number of new registrations has decreased by 8%.
“If you have the opportunity to sell, don’t wait,” said Mayer.
Mayer said demand for homes is driving prices up, but buyers who wait may soon find the market easing.
“Now people are taking stock, the vaccines are out, we are expecting a change and a shift that just hasn’t happened yet,” said Mayer.
“It has definitely felt frozen for the past two months, now it’s starting to thaw,” said Confalone.
