The Number Of New Real Estate Listings In Boston Has Gone Down Dramatically
The real estate market is always changing, which can be challenging for homebuyers. When commenting on the current market, The Washington Post said that real estate listings are limited, and homes are selling at record speeds. These factors mean that the market is extra competitive right now, and buying a home is no easy task.
Those who reside in or plan to move to Boston should expect extra challenges when looking at prospective homes. This is because, historically, Boston almost always has a low amount of new listings, per Norada Real Estate Investments. And, unfortunately, this city also has high prices, making it hard to stick to a budget. Recently, Boston's real estate listings have only continued to decline, which may cause new homebuyers to face even more difficulties. Below, we'll discuss the details of the current condition of Boston's real estate market and why you may want to avoid it, if possible, in the coming months.
Boston's real estate listings are declining
As shown in the above graph, when compared to previous years, Boston's real estate listings are declining in 2022. This becomes especially clear when studying the month of June, which is typically the month with the most listings. In June 2018 and 2019, there were about 7,500 new listings on the Boston market. Specifically, 2018 had 7,631 new listings, while 2019 had 7,575. In 2020, these numbers decreased drastically to 5,561. This stark drop can likely be attributed to the influence COVID-19 had on real estate during that time. In June 2021, things were looking up when listings rose to just under 7,000.
However, in June 2022, listings plummeted once again to just 5,653. And, as seen on the graph, real estate listings decline in the winter months every year. According to Parker Group Services, this is normal: Cold weather and the busy holiday season mean fewer people are selling homes. However, this means that if the data continues as it has in previous years, Boston may see an even more limited inventory in a few months. With limited inventory comes higher prices — in other words, homebuyers in Boston can expect an extra competitive market through the end of this year.