Despite some signs of a slowing Massachusetts real estate market, it's still a tough housing market for homebuyers. Single-family and condominium sales are down, median home price growth is slowing but still up, inventory remains extremely tight, new listings are down, and interest rates have risen dramatically. It's still a seller's market, but a less stressful one for homebuyers than earlier this year.
Sure, move-in-ready homes in desirable locations still get multiple offers but not the 10, 20, or 30 offers homebuyers were competing with six months ago. Some houses that need a little work might only get one offer. Price drops – almost unheard of at the beginning of 2022 – are more common, leading to opportunities for the right homebuyer.
One sign of a slowdown is the amount paid over the original price of a home. The average amount home-buying consumers statewide are paying over the listing price has declined. In May, homebuyers paid, on average, 107 percent of the original list price for single-family homes and 101 percent in August. Homebuyers paid 104 percent of the original list price for condos in May and 101 percent in August. Learn more.