Boston Real Estate Inventory Doubles in Last 6 Months
Boston’s real estate market has seen total inventory of listings increase by +123.46% since January 1, 2022. As interest rates have risen, the market has cooled and total sales have dipped by -3.07% in the first half of 2022. Home price growth has decelerated over the same time span, indicating that the Boston real estate market may be softening for buyers.
Boston’s Real Estate Market Cools Through First Half of 2022
Boston 1-year total sales figure is trending down through the first two quarters of 2022. Total 1-year sales sat at 7,515 at the beginning of June, compared to 7,753 on January 1, 2022. As demand wanes, supply has risen disproportionately. As of June 1, there were 1,600 residential properties for sale in Boston, compared to just 716 on January 1.
Boston’s real estate inventory is typically highest in June, but a +123.46% increase in inventory is a much larger increase than historically normal. It appears that the rising interest rates have priced out many buyers in Boston in 2022. That is a trend that is likely to continue throughout the remainder of 2022, as it appears the effects of inflation have yet to run their course.
Median Sale Prices Growth Is Decelerating In Boston
Median sale prices growth has been trending downwards thus far in 2022. The 1-year median price of homes for sale in Boston is up +3.37% over the first six months of 2022 after increasing by just +3.51% in the final three months of 2021. This indicates that price growth has slowed by over 50% thus far in 2021.
| Median Sale Price | June 2022 | Jan 2022 | % Change (June 2022) | Sept 2021 | % Change (Jan 2022) |
| Single Family | $807,823 | $781,474 | +3.37% | $755,000 | +3.51% |
| Condo | $716,136 | $699,989 | +2.31% | $680,000 | +2.94% |
Boston condos have recorded similar sales price deceleration. After increasing by 2.94% during the final three months of 2021, Boston’s condo median sale price has increased by a smaller margin (+2.31%) over the first six months in 2022.
This is a trend that will likely continue throughout 2022. The Federal Reserve is eyeing another rate hike in July, which will continue to push more buyers out of the market. Many economists believe that we are already in a recession, which will eventually lead to corporate lay-offs and rising unemployment. This will further tamper demand for Boston real estate, causing prices to flatten and eventually turn downwards.
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