Despite soaring home prices, first-time homebuyers are gaining traction in the Northeast and Midwest, with Rhode Island leading the charge. This trend is driven by a growing generation of renters with higher incomes, but economic headwinds and a tight housing market pose significant challenges. Learn more about the regional shift in homeownership and the factors shaping the future of the housing market.
Boston’s condominium market is facing challenges due to high mortgage rates and a limited supply of available units. According to a recent report, condominium transactions in the first quarter of 2023 saw a 20.5% decrease compared to the same period last year, with the total number of transactions dropping from 722 to 574. This trend is not exclusive to Boston, as total home sales nationwide have also experienced a decline of between 20% and 30%. The average condominium sales price, however, has increased by 6.1% in Boston, from $1,044,000 to $1,107,828. The number of months it would take agents to sell off the city’s inventory has also increased by 21.2%. Experts attribute these market conditions to a combination of factors, including the limited inventory, rising interest rates, and increased popularity of single-family homes. Prospective home buyers are advised to be prepared for potential bidding wars and to pay attention to neighborhood trends.
