The market correction is upon us. Inventory is on the rise giving buyers a bit of leverage in the market. We are starting to see price reductions on properties that have not sold and more offers contain home inspections and financing contingencies.
The Greater Boston Market continues to be strong and favor sellers. Prices will continue to appreciate nominally in most markets because demand and the economy are strong. If interest rates go to the projected 5.5% monthly mortgage payments will increase by 8%. This will fuel a cool down and return to a more normal market.
November sales of single-family homes in the Leading Edge service area decreased -2.7% year-over-year. Inventory is up +6.9%. The number of days on market over the last 12 months is down -21.1% while median sale prices remain up +7.1% at $621,000.
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