Greater Boston

For anyone who is involved in real estate, the year 2022 came in like a lion and went out like a lamb. As has been widely discussed and analyzed, the Federal Reserve’s interest rate hikes in response to inflation has put a dampening effect on investment as the market tries to make heads or tails of underwriting and valuations. For over a decade, the market could rely on predictability, making the job of all of us real estate professionals a little less complicated.

As we enter 2023, the toughest part about our job is unpredictability. To that end, we all have to work a little harder, and we all have to listen a little more to what the market is telling us. But, like any situation which requires hard work and attentiveness, there should be a measure of success for the work, like a pot of gold at the end of a rainbow.

Comparing 2022 to the prior year, the number of homes available for sale was lower by 6.3%. There were 5,730 active listings at the end of 2022. New listings decreased by 12.1% to finish the year at 77,655.

Home prices were up compared to last year. The overall median sales price increased 7.4% to $553,000 for the year. Single-family home prices were up 8.5% compared to last year, and Condo/Townhome prices were up 6.3%.

If you’re looking to make a move or are just curious about what is going on in your town, our expert Associates are here to help.