The busy Boston housing market may continue through 2012
The housing market in Greater Boston continues to improve. A growing economy and a rising single-family home median price may even encourage prospective buyers to put down payments on properties across the Hub. This means the number of houses for sale in Boston may decrease exponentially, which would drive value up even further.
In the Boston area, single-family home prices jumped 2.2 percent year-over-year to $510,000, according to The Boston Globe. Home values in the Hub are now down 5.4 percent from the all-time high of $539,000 set in August 2005, the news source reports.
Housing inventory is down statewide, as the number of single-family homes for sale fell 19.6 percent in July 2012 year-over-year, according to recent real estate data. This is the largest drop in inventory since 2007, and may be accredited to rising rents and low vacancy rates in the Hub. But some experts believe recovery is just around the corner.
"The market is turning around and coming back," said Bill Dermody, branch manager at Coldwell Banker Residential Brokerage in Needham. Dermody goes on to say he expects for-sale inventory to increase as 2012 moves forward, which will provide buyers more options to choose from.