Competition heats up in Boston’s housing market as summer approaches

by Liz Hughes

Despite a dip in median sale prices, housing inventory continues to be an issue across Massachusetts, and there are no signs of the market softening anytime soon.

The Massachusetts Association of REALTORS® April housing report found that although inventory issues may ease, a dearth of single-family and condominium listings is impacting Realtors and homebuyers not only in the Bay State, but across the U.S. as well.

“Buyers are facing incredible competition for what is presently available and personally affordable,” said David McCarthy, 2023 president of MAR and a Realtor at Keller Williams. “Enthusiasm is certainly there for buyers, as is the case around this time every year, but inventory needs to improve for us to see a return to normal here in Massachusetts. Though the contributing variables might differ slightly this year, the result is the same as the past two — a competitive market.”

Last month, the median price for a single-family home in Massachusetts fell 0.3% from April 2022 to $588,000, while new, single-family home listings decreased by 28.9%. 

Condominium prices also fell in April, down 1.9% to $530,000, while condo listings fell 25.6%.

The report also found that year over year, single-family closed sales fell 24.2% from 2022’s 3,045, while closed condo sales dropped 33.1%.

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