Low interest rates throughout New England are driving demand, presenting strong seller’s markets and low inventory in major cities.
COMMUTABILITY DRIVES DEMAND
Urban accessibility, telecommuting and transportation are key factors influencing decision-making for buyers across New England.
CONFIDENCE IN MARKET OUTLOOK
Surveyed brokers indicate a strong sense of confidence in the status of the market, predicting current trends will hold true for the remainder of the year.
This has been a record-breaking year for housing activity in the Boston market. Inventory is at an all-time low, demand remains off the charts and it is a strong seller’s market. With major companies like GE relocating to the area, quality employment opportunities continue to increase, making it a desirable place to live. In the last 12 months, the price point of Boston’s most expensive property sold was $15.4 million, a 23 percent year over year increase.
The Providence market has continued to be strong, experiencing an increase in both median price and count of units sold year over year. There was nearly a 20 percent increase in single family home and condo sales compared to last year, with growth fanning out into surrounding markets. Cumberland has experienced a 30 percent increase of units sold year over year, while Cranston, Cumberland, East Greenwich and Warwick have experienced a decrease in the average number of days on market.
Portsmouth has experienced a strong year of market growth, both in the city center and in the surrounding markets of Greenland, Newmarket and Rye. Rye in particular reports a 22 percent increase in the median price point and an 11 percent decrease in the average number of days on market year over year. Working professionals in their late 20s and early 30s, along with empty nesters and recently retired baby boomers, are driving market demand in this region.
This market has experienced significant growth over the last year, with millennials and empty nesters driving the market. The median price point has increased by 3 percent or more across the region, with Falmouth and Westbrook reporting an increase of over 15 percent. This points to a larger New England trend, the swell of demand from the heart of the city into its suburbs.