It seems like the red hot Boston real estate market is showing no signs of slowing according to a recent report by Greater Boston Association of Realtors (GBAR). Demand seems to be outpacing supply in a real estate market that’s showed steady annual growth over the past few years.
According to the study, inventory has dropped steadily as the number of houses for sale has remained unchanged, but demand inexplicably keeps growing. Single-family home inventory dropped 18.5% in the past year, and the inventory for condos for sale dropped a whopping 24.6%! While available homes for sale and Boston condos are shrinking, prices are going up, as median sale price raised 4.5% for single family homes and 9.8% for condos sold in the last year.
The GBAR attributes this steady increase in demand to low mortgage rates, rising home values, and a healthy job market. It seems the time has never been better to start looking at Boston real estate!