Executive Summary

Rising interest rates and a slowing economy are projected to dampen the Greater Boston real estate market this spring. However, both buyers and sellers can still find many attractive options, and fierce competition is to be expected. Here are some of the significant trends to keep an eye on:

Prices are projected to continue to climb, but at a slower pace. In February 2023, the median sale price of a single-family home in Boston was $707,250, an increase of 2.4% over the same month the previous year. However, experts anticipate that price growth will decelerate in the coming months, as interest rates continue to increase and purchasers become more cautious.

Inventory is expected to remain low. Boston’s housing supply has been shrinking for years, and experts predict that this trend will continue into the spring market. Buyers should still be ready to make a speedy decision when they see a house they like.

Competition is expected to stay strong. In the Boston real estate market in the spring, competition is predicted to remain high due to low availability and high demand. If they want to find a house, buyers must be ready to make aggressive offers and open to adjusting their search criteria.

Although the Boston real estate market faces difficulties this spring, there are still many options for buyers and sellers. Both buyers and sellers have a chance at success if they take the time to plan ahead and come into the market with realistic expectations.

We want to help you make informed decisions. Don’t see your community featured in this report or are you looking for information on another type of property? Contact a Senné associate to learn more about what is going on in your local market. With a little planning and effort, you can still find success in the spring market.