Boston is one of the top five United States metros for sellers this spring, based on data from Zillow’s Market Heat Index.
Homes in the Bay State often sell in under eight days, and bidding wars have become common. The share of homes sold above list price recently hit 40.4%, and Zillow found that two in five sellers in Boston receive more than their home’s listed price.
Home values continue to appreciate swiftly at a rate of 4.4% year over year, nearly twice the national rate of 2.6%.
“Sellers are still in the driver’s seat in the Northeast, where buyers are competing for the few homes that are available,” said Zillow Senior Economist Orphe Divounguy in a report.
Nationally, mortgage rates recently hit a yearly low. February saw over one million homes for sale nationwide, the most for that month since before the pandemic.