Market Insights
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State of the Market The story of the third quarter real estate market could be boiled down to one important factor: low single family inventory. This is a continuation of the market shift that began in mid-2022, when mortgage interest rates began to rise and sellers put their planned moves on hold. Therefore, suburban single family homes are still selling quickly and often for more than the asking price. Lower priced condominiums have a strong buyer pool, as do the ultra luxury units and single family homes in desirable areas of the cities. In many cases long-term rentals (12 months) have become quite competitive, with multiple renters bidding on the same unit. Properties that have recent renovations are prized compared to those that don?t. So which micro-markets are not moving as quickly? Inventory has continued to grow in some of the more established, larger, condominium buildings in Boston. Homes that were not recently updated are realizing less value, as renovation projects are costly and time-consuming ? largely because there are fewer available contractors than in the past. The good news is that interest rates have stabilized and buyers are very active in the marketplace. There are some discussions happening about potential tools to help buyers, including assumable mortgages. Some sellers and buyers are taking advantage of rate buy-downs. In many cases, accepted offers include contingencies ? buyer protections that are typically seen in ?normal market cycles?. The takeaway is that homeowners who are able to sell can take advantage of a low inventory environment and capitalize on their home as an investment. In some counties, singly family inventory is down as much as 34%, year-over-year. Many who have second homes are moving into those and selling their primary home for a significant profit. If you are considering selling, buying, or renting real estate, we can advise you on where and how to make a move. Whether that is down the street or around the globe, our agents can help. Please contact us for more information.
Colleen Barry, CEO Gibson Sotheby's International Realty
Nicole Rideout Hart wick, CSO Gibson Sotheby's International Realty
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8 Byron St reet , Beacon Hill Source: MLSpin. For the purpose of this report , core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District , Midtown, North End, South Boston, South End, Theatre District , Waterfront and the West End.
Boston S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 45 (0 % YOY) Q3 2022 45 M ED I A N DAYS O N M A RK ET Q3 20 23 24 (-33% YOY) Q3 2022 36 M ED I A N SA L E P RI C E Q3 20 23 $ 1,572,50 0 (-17% YOY) Q3 2022 $1,897,500 SOL D L I ST I N GS Q3 20 23 34 (-26% YOY) Q3 2022 46
Boston CON DOM IN IUM S L I S T I N GS TA K EN Q3 20 23 574 (-6% YOY) Q3 2022 608 M ED I A N DAYS O N M A RK ET Q3 20 23 23 (-12% YOY) Q3 2022 26 M ED I A N SA L E P RI C E Q3 20 23 $ 1,0 50,0 0 0 (+14% YOY) Q3 2022 $919,500 SOL D L I ST I N GS Q3 20 23 464 (-7% YOY) Q3 2022 498
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1 Dalt on St reet , Unit 430 5, Back Bay Source: MLSpin. For the purpose of this report , core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District , Midtown, North End, South Boston, South End, Theatre District , Waterfront and the West End.
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14 Cot t onwood Road, Newt on Source: MLSpin. For the purpose of this report , Greater Boston includes Arlington, Belmont , Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett , Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.
Greater Boston S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 90 2 (-21% YOY) Q3 2022 1,138 M ED I A N DAYS O N M A RK ET Q3 20 23 19 (0 % YOY) Q3 2022 19 M ED I A N SA L E P RI C E Q3 20 23 $ 995,0 0 0 (+7% YOY) Q3 2022 $930,000 SOL D L I ST I N GS Q3 20 23 785 (-24% YOY) Q3 2022 1,033
Greater Boston CON DOM IN IUM S L I S T I N GS TA K EN Q3 20 23 1,0 40 (-14% YOY) Q3 2022 1,207 M ED I A N DAYS O N M A RK ET Q3 20 23 20 (-5% YOY) Q3 2022 21 M ED I A N SA L E P RI C E Q3 20 23 $778,750 (+9% YOY) Q3 2022 $715,000 SOL D L I ST I N GS Q3 20 23 846 (-14% YOY) Q3 2022 981
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45 Russel St reet , Unit 2, Somerville Source: MLSpin. For the purpose of this report , Greater Boston includes Arlington, Belmont , Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett , Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.
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42 Rhinecliff St reet , Arlingt on Source: MLSpin.
Arlington S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 65 (-32% YOY) Q3 2022 95 M ED I A N DAYS O N M A RK ET Q3 20 23 15 (+67% YOY) Q3 2022 9 M ED I A N SA L E P RI C E Q3 20 23 $ 1,237,50 0 (+1% YOY) Q3 2022 $1,225,000 SOL D L I ST I N GS Q3 20 23 66 (-14% YOY) Q3 2022 77
Arlington CON DOM IN IUM S L I S T I N GS TA K EN Q3 20 23 67 (-15% YOY) Q3 2022 79 M ED I A N DAYS O N M A RK ET Q3 20 23 10 (-55% YOY) Q3 2022 22 M ED I A N SA L E P RI C E Q3 20 23 $ 810,0 0 0 (+15% YOY) Q3 2022 $705,000 SOL D L I ST I N GS Q3 20 23 47 (-23% YOY) Q3 2022 61
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72 Walnut St reet , Unit 1, Arlingt on Source: MLSpin.
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462 Cambridge St reet , Unit 2, Cambridge Source: MLSpin.
Cambridge S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 52 (-7% YOY) Q3 2022 56 M ED I A N DAYS O N M A RK ET Q3 20 23 14 (-7% YOY) Q3 2022 15 M ED I A N SA L E P RI C E Q3 20 23 $ 2,0 0 0,0 0 0 (-2% YOY) Q3 2022 $2,033,000 SOL D L I ST I N GS Q3 20 23 19 (-42% YOY) Q3 2022 33
Cambridge CON DOM IN IUM S L I S T I N GS TA K EN Q3 20 23 185 (-13% YOY) Q3 2022 212 M ED I A N DAYS O N M A RK ET Q3 20 23 22 (+5% YOY) Q3 2022 21 M ED I A N SA L E P RI C E Q3 20 23 $ 880,0 0 0 (-1% YOY) Q3 2022 $890,000 SOL D L I ST I N GS Q3 20 23 143 (-5% YOY) Q3 2022 151
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343 Broadway, Unit 2, Cambridge Source: MLSpin.
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92 Count ry Drive, West on Source: MLSpin. For the purpose of this report , MetroWest includes Ashland, Dover, Framingham, Holliston, Hopkinton, Medfield, Medway, Millis, Natick, Needham, Sherborn, Sudbury, Wellesley, Weston.
MetroWest S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 610 (-21% YOY) Q3 2022 776 M ED I A N DAYS O N M A RK ET Q3 20 23 16 (0 % YOY) Q3 2022 16 M ED I A N SA L E P RI C E Q3 20 23 $ 1,30 5,0 0 0 (+7% YOY) Q3 2022 $1,225,000 SOL D L I ST I N GS Q3 20 23 647 (-25% YOY) Q3 2022 859
North Shore S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 80 0 (-25% YOY) Q3 2022 1,065 M ED I A N DAYS O N M A RK ET Q3 20 23 19 (-5% YOY) Q3 2022 20 M ED I A N SA L E P RI C E Q3 20 23 $70 3,0 0 0 (+7% YOY) Q3 2022 $660,000 SOL D L I ST I N GS Q3 20 23 678 (-30 % YOY) Q3 2022 973
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347 High St reet , Newburyport Source: MLSpin. For the purpose of this report , the North Shore includes Amesbury, Beverly, Boxford, Danvers, Essex, Georgetown, Gloucester, Groveland, Hamilton, Haverhill, Ipswich, Lynn, Lynnfield, Manchester, Marblehead, Merrimac, Middleton, Nahant , Newbury, Newburyport , Peabody, Rockport , Rowley, Salem, Salisbury, Saugus, Swampscott , Topsfield, Wenham, and West Newbury.
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43 Beacon Road, Hull Source: MLSpin. For the purpose of this report , South Shore includes Abington, Braintree, Carver, Cohasset , Duxbury, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Rockland, Scituate, Weymouth, Whitman.
South Shore S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 1,230 (-19% YOY) Q3 2022 1,512 M ED I A N DAYS O N M A RK ET Q3 20 23 19 (0 % YOY) Q3 2022 19 M ED I A N SA L E P RI C E Q3 20 23 $70 0,0 0 0 (+7% YOY) Q3 2022 $655,000 SOL D L I ST I N GS Q3 20 23 1,0 96 (-24% YOY) Q3 2022 1,442
South Coast S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 270 (-16% YOY) Q3 2022 320 M ED I A N DAYS O N M A RK ET Q3 20 23 22 (-4% YOY) Q3 2022 23 M ED I A N SA L E P RI C E Q3 20 23 $ 539,50 0 (+7% YOY) Q3 2022 $504,900 SOL D L I ST I N GS Q3 20 23 234 (-25% YOY) Q3 2022 311
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2 Bayberry Lane, Dart mout h Source: MLSpin. For the purpose of this report , South Coast includes Dartmouth, Westport , Fairhaven, Mattapoisett , Marion and Wareham
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Upper Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 359 (-8% YOY) Q3 2022 391 AV ERA GE DAYS O N M A RK ET Q3 20 23 24 (-7% YOY) Q3 2022 26 M ED I A N SA L E P RI C E Q3 20 23 $737,0 0 0 (+6% YOY) Q3 2022 $695,000 SOL D L I ST I N GS Q3 20 23 237 (-22% YOY) Q3 2022 307
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10 Carl Gardner Road, Bourne Source: CCIMLS. For the purpose of this report , Upper Cape includes Bourne, Falmouth, Mashpee, Sandwich.
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232 Blue Rock Road, Sout h Yarmout h Source: CCIMLS. For the purpose of this report , Mid Cape includes Barnstable, Dennis, Yarmouth.
Mid Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 358 (-14% YOY) Q3 2022 420 AV ERA GE DAYS O N M A RK ET Q3 20 23 24 (+20 % YOY) Q3 2022 20 M ED I A N SA L E P RI C E Q3 20 23 $ 650,0 0 0 (+8% YOY) Q3 2022 $600,000 SOL D L I ST I N GS Q3 20 23 253 (-33% YOY) Q3 2022 382
Lower Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 160 (-16% YOY) Q3 2022 191 AV ERA GE DAYS O N M A RK ET Q3 20 23 45 (+136% YOY) Q3 2022 19 M ED I A N SA L E P RI C E Q3 20 23 $ 884,50 0 (+1% YOY) Q3 2022 $875,000 SOL D L I ST I N GS Q3 20 23 126 (-27% YOY) Q3 2022 173
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326 + 324 Main St reet , Chat ham Source: CCIMLS. For the purpose of this report , Lower Cape includes Brewster, Chatham, Harwich, Orleans
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15 Jason's Pat h, Wellfleet Source: CCIMLS. For the purpose of this report , Outer Cape includes Eastham, Wellfleet , Truro, Provincetown.
Outer Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q3 20 23 82 (-20 % YOY) Q3 2022 103 AV ERA GE DAYS O N M A RK ET Q3 20 23 39 (+69% YOY) Q3 2022 23 M ED I A N SA L E P RI C E Q3 20 23 $ 1,149,425 (+43% YOY) Q3 2022 $800,000 SOL D L I ST I N GS Q3 20 23 60 (-14% YOY) Q3 2022 70
N OT H I N G C O M PA RES T O W H AT ' S N EX T
© 2023 Sotheby?s International Realty. All Rights Reserved. Sotheby?s International Realty® is a registered trademark and used with permission. Each Sotheby?s International Realty office is independently owned and operated, except those operated by Sotheby?s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity.