Boston-area home inventory turnover remains SLOW

If you've been house-hunting in the Boston area lately, you've probably noticed there aren't many options available. And guess what? New data from Redfin, a real estate brokerage, confirms it! The number of houses selling in a year, also known as the home turnover rate, has dropped by a significant 22% since 2019.

Because of this lower turnover rate, home prices have shot up in the Boston area. In June, the median price for a single-family home reached a staggering $900,000, while condos hit $745,000. Those numbers are according to the Greater Boston Association of Realtors.

But don't worry, Boston isn't the only place dealing with tight housing inventory. Homeowners all over are holding on to their properties, reluctant to let go of their lower mortgage rates and face the higher rates currently in the market.

To put it in perspective, in the first half of 2023, only 9.8 out of every 1,000 homes were sold locally, as reported by Redfin. Nationally, the average is higher, at 14 out of every 1,000 homes. This rate is the lowest it has been in at least a decade!

So, if you're searching for a home in Boston or many other places right now, you might need to be patient and persistent to find your dream home in this tight housing market. Please reach out if you have any questions and or let me know if I can help in any way.