As if they haven’t been through enough already…
Homebuyers in the Boston area should brace themselves — again — amid expectations that the residential real estate market could jump 15% next year — on top of a previous one-year increase of 13.1%, according to a new study by Porch.
A dwindling supply is being blamed for skyrocketing home prices in the Bay State, where the median price clocks in at $573,182.
Currently, Boston is ranked No. 33 out of 51 large metro real estate markets expected to grow the most in the next year. And Boston is not the only Massachusetts city to feature in these new price predictions. Worcester ranks at No. 29 among midsized metros with a projected growth of 16.1% and Springfield ranks No. 41 with a projected growth of 14.2%. Among smaller metro areas, Barnstable ranks at No. 5 with 24.8% projected growth.
With a median home price of nearly $459,000, Austin, Texas, tops the list at No. 1. Home prices there are anticipated to rise by a staggering 37%.