Greater Boston’s Single-Family Home Market Shows Mixed Trends in 2023

The median prices, sales volumes, and days on market of single-family homes vary widely across different towns and neighborhoods.

Greater Boston’s Single-Family Home Market Shows Mixed Trends in 2023. The median prices, sales volumes, and days on market of single-family homes vary widely across different towns and neighborhoods, according to a recent article by Boston Magazine. The article provides a comprehensive chart of the single-family home prices by town in 2023, based on the data from the Massachusetts Association of Realtors and MLS Property Information Network.

Some towns and neighborhoods see significant increases in median prices and sales volumes

Some towns and neighborhoods see significant increases in median prices and sales volumes, according to the article. The article highlights some of the top performers in the single-family home market, such as:

• Dunstable, which saw a 29% increase in median price, from $715,000 in 2022 to $920,000 in 2023, and a 67% increase in sales volume, from 30 units in 2022 to 50 units in 2023.
• Essex, which saw a 24% increase in median price, from $745,000 in 2022 to $925,000 in 2023, and a 50% increase in sales volume, from 40 units in 2022 to 60 units in 2023.
• Arlington, which saw a 21% increase in median price, from $1,153,000 in 2022 to $1,400,000 in 2023, and a 19% increase in sales volume, from 421 units in 2022 to 500 units in 2023.

The article also mentions some of the factors that contribute to the rising demand and prices of single-family homes in these areas, such as:

• The availability of spacious and comfortable homes, with large yards and gardens, which appeal to buyers who seek more privacy and outdoor space amid the pandemic.
• The proximity to Boston and other urban centers, which offer convenient access to jobs, amenities, and entertainment, as well as public transportation and highways.
• The quality of schools, services, and community, which attract families and young professionals who value education, safety, and social life.

Some towns and neighborhoods experience declines or stagnation in median prices and sales volumes

Some towns and neighborhoods experience declines or stagnation in median prices and sales volumes, according to the article. The article points out some of the underperformers in the single-family home market, such as:

• Boxborough, which saw an 8% decrease in median price, from $975,000 in 2022 to $899,000 in 2023, and a 20% decrease in sales volume, from 50 units in 2022 to 40 units in 2023.
• Dover, which saw a 2% decrease in median price, from $1,672,500 in 2022 to $1,640,000 in 2023, and a 10% decrease in sales volume, from 100 units in 2022 to 90 units in 2023.
• Boston, which saw a 0% change in median price, from $800,000 in 2022 to $800,000 in 2023, and a 6% decrease in sales volume, from 2,500 units in 2022 to 2,350 units in 2023.

The article also discusses some of the reasons that explain the falling or stagnant demand and prices of single-family homes in these areas, such as:

• The lack of affordability and inventory, which deter buyers who have limited budgets and options, and who face fierce competition and bidding wars in the market.
• The preference for smaller and more urban homes, which appeal to buyers who seek more convenience and flexibility, and who are less concerned about space and privacy amid the pandemic.
• The impact of climate change and natural disasters, which affect buyers who are worried about the risks and costs of flooding, storms, and wildfires.

The article concludes that the single-family home market in Greater Boston is diverse and dynamic, and that it reflects the different preferences and needs of the buyers and sellers in the region. The article also suggests that the market will continue to evolve and change in the future, as the pandemic, the economy, and the environment shape the demand and supply of single-family homes.