Despite rising interest rates, and decreased buyer demand, the market in greater Boston remained strong in 2022. All but one town in the top 30 increased year over year in median sales price.
-Limited land to build on, sellers who refinanced with rates in the 2’s and 3’s, decreased new construction by builders, high home owner equity, and increased housing prices will keep supply low in 2023.
-A strong jobs market, millennials reaching prime buying years, and the natural progression of peoples lives will keep demand high.
-Overall I predict less total market activity (primarily from lack of supply) to keep median home prices from falling in 2023.