Boston Housing Market Set for Quick Recovery

Great news for the Boston real estate industry. A study published by Realtor.com, a national website for real estate listings and information, found that the Boston housing market is the second most recovered out of the 50 largest metro areas in the country as of the week that ended June 13. 

 

Realtor.com’s studies rely on search traffic on the site, median list prices, new listings, and median time on the market. The firm’s data indicate that Boston was on track to see the busiest housing market on record in the spring until the pandemic hit. Overall, data shows the Boston market is experiencing a swifter recovery than the U.S market overall. Asking prices are growing at near double digits, all while sellers have yet to come back in full strength. The number of active home shoppers remains high and continues to increase, lead by lower mortgage rates and a powerful tech sector. Part of the recovery even includes bidding wars. Approximately 64 percent of Boston buyers working with Redfin real estate agents faced competition in May, according to the Redfin real estate brokerage.

 

The Boston real estate market continues to be competitive, simply because there are not enough homes for sale to keep up with the increasing demand. Overall, Boston’s pent-up demand from the condensed spring market and years of limited inventory make it ripe for a quick recovery after the economic shutdown. Realtor.com’s report found that the top five markets that recovered above their January 2020 level were tech hubs: Denver, Boston, Seattle, San Francisco, and San Diego.