Massachusetts has the second-fastest cooling housing market in the country, as well as one of the hottest.
Redfin analyzed 10 U.S. housing markets that heated up over the past year, as well as 10 that cooled down. Two areas of Massachusetts are on those lists Suffolk County and Cape Cod.
Increased interest in housing markets in vacation destinations and suburbs locally and nationally heated up over the past year, and Massachusetts was no exception.
The report found Barnstable County on Cape Cod to be among the top 10 places that heated up the most through the pandemic as remote workers took advantage of the ability to work anywhere and move to vacation destinations like Cape Cod.
The median home sale price in Barnstable County was $514,875, a 31% increase over the previous year. On average, 36.7% of homes in Barnstable County sold above their listing price.
The pandemic had the opposite effect on homes in Suffolk County.
The report found a cool down in what it referred to as “expensive East Coast job centers” and that includes Boston. Homes in Suffolk County, along with those in DC and the counties making up Queens, Brooklyn and Manhattan in New York, are among those cooling down the most.
The median home sale price in Boston was $675,000, a 1% drop year over year. On average, 24% of Boston homes sold above listing price.