Whether you're an active homebuyer or just interested in monitoring the local market, it's important to have the right tools and information. We've compiled Boston's Second Quarter market report so you have all the information you need for your next home search.
While Q2 saw peak uncertainty in financial and real estate markets across the country, Greater Boston remained resilient through the turbulence. We’ve seen a V-shaped recovery as we enter Q3, fueled largely by historically- low interest rates as well as homeowners’ desire to upgrade their space after sheltering in place for months.
With mortgage applications up 19% year-over-year, demand for real estate in Massachusetts is as strong as it’s ever been.
Looking ahead to the fall, low inventory will continue to be a challenge. Interest rates are likely to remain low, driving demand, but concern surrounding the economic fallout of COVID-19 may continue to cause supply shortages. As buyers look to make a move, they should be prepared for quick timelines and multiple- bid situations given restricted supply.
While markets will likely remain volatile, Boston’s strong job market and economic drivers in the tech, biotech, healthcare, and education spaces continue to make it one of the most desirable places to live – solidifying the region’s resilience in the face of adversity. Through local expertise, cutting-edge tech and tools, and consistent dedication to providing the best service in real estate, Compass agents continue to guide their clients home in Greater Boston.