It looks like the price of homes, in particular, single families, is on the rise in Greater Boston. According to the Greater Boston Association of Realtors, the median price is $910,000, which is more than a 9% increase over the same month last year, setting a new March record.
So, if you thought housing prices would level off or go down, you’re sadly mistaken. With March typically the beginning of the spring upswing in the housing market, we may be in for another summer of record-breaking home prices. Good news for homeowners – not great news for homebuyers.
So why the rise in prices? Basically, it’s a perfect storm of not enough inventory and higher mortgage rates. The Boston Globe reports that the average rate on a 30-year fixed-rate mortgage was 6.88 percent last week, still more than double the rate two years ago.
What about condo prices, you ask? Well, they are on the rise too. Takeaways? Well, if you want to buy a home, just bite the bullet and buy it. Especially here in the neighborhood, there does not seem to be any relief in the near future. And if the way the market is tracking, the house you buy today will be more valuable in a year.
You can get all the details here.
Maureen Dahill is the editor of Caught in Southie and a lifelong resident of South Boston sometimes mistaken for a yuppie. Co-host of Caught Up, storyteller, lover of red wine and binge watching TV series. Mrs. Peter G. Follow her @MaureenCaught.
