Boston's housing market is outpacing the national slowdown, with homes selling three times faster than the average. The number of single-family homes sold increased by 6.4% year over year, and the median home price reached $980,000, marking a significant rise from previous years. Despite an increase in for-sale inventory by over 27%, new listings have slightly declined. Homes remain on the market for only 16 days, much quicker than the national average, reflecting strong buyer demand and historic price highs in the region.
Boston's housing market is experiencing rapid growth, with homes selling three times faster than the national average despite high prices nearing $1 million.
May 2024 saw a 6.4% year-on-year increase in single-family home sales in Greater Boston, with the average price reaching a new record of $980,000.
The typical single-family home in Boston sold in just 16 days in May, significantly faster than the national median of 51 days.
Increased inventory alongside sustained sold-to-listing price ratios offers opportunities for both buyers and sellers, even as prices continue to rise.
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