Categorized | Residential

Boston Home Market Sees Rise in Competitiveness

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The competition for single-family homes is on the rise in the city of Boston. The presence of competition is a major sign of recovery in the residential real estate market. As more people enter the market looking to take advantage of discounted prices, sales tend to increase and inventory levels drop.

 

Home sales have increased for eight straight months now in Boston. Sellers are receiving multiple offers on their listed homes, indicating that the market is quickly building up its strength. The increased competition is driving sales and decreasing inventory, and more importantly, it is leading to a rise in the average sales price.

 

While the median sales price is still down from one year ago, it is quickly rising, and will likely show a year-over-year increase in the coming months. The city experienced an eighteen percent growth in the number of homes sold in comparison to last year.

 

The majority of the homes sold were between fifty thousand and three hundred thousand dollars. Out of that grouping, it was the homes between two hundred and fifty thousand to three hundred thousand dollars that had the most sales. Those figures indicate that people are flocking to the market to take advantage of the affordability of the current state of the market.

 

In Greater Boston, the values of homes have increased in recent months. That trend will likely continue, as the area is considered to be one of the most in demand on the east coast. Condo sales are also on the rise in the Greater Boston area.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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