For-sale home inventory increases in the Greater Boston area
When looking to invest in real estate in Boston, MA, you may be surprised to see the increase in inventory across the Greater metro area. This spring, for-sale homes have flooded the market, driving competition for property higher. While the housing market remains tough, there are numerous new homes for prospective buyers to pursue when attempting to go through with closings.
According to a local real estate firm, Suffolk County, which consists of Boston and a few inner suburbs, saw the biggest inventory increase of 35.6 percent in March 2012. Middlesex County, which includes western suburbs, experienced an uptick of 32.6 percent that same month. Areas like Reading (78.1 percent), Arlington (76.0 percent) and Cambridge (66.5 percent) were a few of the suburban neighborhoods that saw an increase in available for-sale homes. Within Boston, Jamaica Central (73.8 percent) saw the biggest bump in inventory.
The Department of Numbers reports the median asking price for these homes is approximately $339,000, and while inventory levels are down 6.3 percent year-over-year, the first quarter saw a 10.2 percent bump.
You may be able to find affordable housing in Boston today, as inventory levels rise and asking prices continue to remain low.