Are real estate prices dropping in Boston?

Full post: https://bostonpads.com/blog/boston-housing-market/are-real-estate-prices-dropping-in-boston/ As economic conditions have worsened throughout 2022, many are wondering if prices for Boston real estate prices have begun to trend downwards. To combat inflation, the Fed has increased interest rates 4 times thus far in 2022. Based on their July meeting, more rate hikes are likely ahead of us. If you analyze this year’s MLS data, you can see this has already begun to erode homebuyer demand, but are home prices falling in Boston as well? The answer is no (not yet). Real estate prices have not come down in Boston’s real estate market thus far in 2022. MLS data shows that homebuyer demand has waned in 2022, but real estate prices have yet to come down in the city. As it stands, the 1-year median price of single-family homes for sale in Boston is $816,353. That median price is up +4.46% since January and up +8.13% since September 2021. Similarly, the 1-year median sale price for Boston condos is $730,232, which is up +4.32% since January and +7.39% since last September. So while real estate prices have risen in 2022, they have increased at lower margins than last year, indicating a cooling housing market.
Location: Boston, MA

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