THURSDAY JANUARY 19, 2023
SOUTH BOSTON ONLINE
VOLUME XIX- ISSUE 74
South Boston Real Estate Recap Interest Rates Cause Transaction Numbers to Plummet By Ginger DeShaney
I
ntere st r ate s a re wreaking havoc on the real estate market. In South Boston, rea l estate transactions in 2022 were down 34 percent from 2021, but at the same time, median prices have increased, said a longtime South Boston realtor. In 2021, there were 933 transactions; in 2022, that number was down to 615, of which 467 were condos. “It’s not shocking given what happened w it h t he interest rates spiking up,” said Jackie Rooney, broker/owner of Rooney Real Estate. “The interest rate is the main culprit.” Sales volume of condos and single-family and multifamily homes is down almost
$300 million in 2022, Rooney sa id, not ing t hat a lmost 40 percent of that amount came in the fourth quarter.
Increasing median prices are a testament to the South Boston market’s resilience: Condos: $775,000 in 2021; $815,000 in 2022. Single-family: $960,000 in 2021; $1,025,000 in 2022 Multi-family: $1,417,000 in 2021; $1,450,000 in 2022 How do pr ic e s go up in a dow n ma rket? “ T here’s no i nventor y,” R o one y s a id . Currently in South Boston, only 35 condos are on the market (in the neighborhood, condos make up almost 85 percent of sales). That’s less than a month’s Continued on Page 2
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