Following a robust 2016 housing market, RE/MAX brokers predict that the majority of New England will remain a seller’s market with low inventory in the start of 2017. Late in the year some major markets, like Boston, MA and Burlington, VT, may show the first signs of balancing, which could result in increased consumer confidence among move-up buyers.
Increased activity throughout the last quarter has remained strongest among first-time, millennial buyers. Affordability is key across all New England markets and demand will remain greatest in price points below $300K. The millennial buyer seeks an affordable, move-in-ready property that is transit-oriented and within commuting distance to a city.
Low interest rates have driven the housing market and will continue to do so in the coming year. The Fed’s decision to not raise interest rates significantly has led to low inventory and thriving seller’s markets throughout the majority of New England, particularly in the major cities. This, coupled with first-time, millennial demand is expected to drive the market in 2017.