July 2024 Housing Market Report for Greater Boston

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The housing market in Greater Boston continues to present challenges for both buyers and sellers. Key highlights from the July 2024 report include:

 

1.  Persistent Low Inventory and High Demand: The market remains competitive due to low inventory levels. Despite the high mortgage rates, which are currently in the low sevens, demand remains strong. Homes that are move-in ready or recently renovated are particularly sought after and tend to sell quickly.

 

2.  Mortgage Rate Expectations: Experts predict that mortgage rates may drop slightly by the end of 2024, potentially falling between 5.875% and 6.875%. This could provide some relief to buyers, especially in the high-end market where jumbo loan rates are expected to decrease.

 

3.  Price Trends: Home prices in the Boston area have seen moderate appreciation. The median sale price for homes is around $799,000, with year-over-year increases of approximately 2.2%. This trend is expected to continue, with home price appreciation projected between 2% and 5%.

 

4.  Policy and Development Initiatives: Efforts to increase housing production are ongoing. New policies, such as the MBTA Communities Act and the legalization of accessory dwelling units (ADUs), aim to boost inventory in the long term. However, significant impacts from these initiatives are not expected until beyond 2024.

 

Overall, while the Greater Boston housing market remains competitive with high demand and limited supply, potential rate cuts and ongoing development efforts may provide some future relief.