Boston Real Estate Market Trends
In 2013, Boston ranked among the top 10 metro areas based on the number of interested homebuyers. Across the nation, Boston was one of the metros that had the highest number of buyers actively looking for homes at ZipRealty. If you are considering joining the ranks of sellers with Boston homes for sale, 2014 is an excellent time to do so. Understanding current trends will help you see why.
A look at the major real estate trends in the Boston real estate market shows that all of these interested buyers are helping sellers receive higher bids on their homes. Market trends that sellers look at to determine the strength of the market are currently favoring sellers.
In January of 2013 the price for Boston homes for sale averaged $290,000, which increased to $330,650 in 2014, a 14 percent increase. Sellers are finding that their homes are selling for higher prices as demand is growing.
Compared to this time last year, there is a smaller inventory of available homes for sale. At the beginning of 2013, Boston had 21,676 homes available for sale. This shrank to 17,104 at the beginning of 2014.. This change represents a 21 percent decrease in the median number of homes listed on the market.
Also, the number of days that homes remained on market decreased substantially year over year, and this is where the most significant changes occurred. In January of 2013 homes sat on the market for 76 days, on average. While this was not a bad average compared to the rest of the country, it shrank by 42 percent through the year, and in January of 2014 homes were on the market for an average of just 44 days.
What do these statistics mean for those living in the Boston real estate market? First, sellers are facing an more favorable market to list their homes for sale. If you have been toying with the idea of listing your home, this might be the year to do it. Buyers are shopping and prices are on the rise, so if you're thinking about selling, reach out to a local real estate agent for more personalized advice about your home.
If you are shopping for Boston homes for sale, you want to understand the trends in the market as well. In a competitive market, you will have to tailor your offer and your negotiations to the trends. Regardless of the side of the real estate transaction that you fall on, working with a local agent who knows the current trends well can help you make informed decisions as you seek to reach your real estate goals in Boston.