Boston named 10th priciest metro for homebuyers in 2020

Home prices were up across the nation in the fourth quarter of 2020, with every metro area reporting price growth over a year ago and 88% (161 areas) of those experiencing double-digit price increases, according to the National Association of Realtors.
“Mortgage rates reached record lows, thereby driving up the demand,” Lawrence Yun, NAR chief economist, said in a press release. “At the same time, inventory levels also reached record lows, leading to grim inventory conditions of insufficient supply in the fourth quarter.”
The largest price gains were seen in Bridgeport, Conn. (39.2%); Pittsfield, Mass. (32.2%); Atlantic City, N. J. (30.0%); Naples, Fla. (29.9%); Barnstable, Mass. (28.9%); Crestview, Fla. (28.6%); Boise City, Idaho (27.1%); Binghamton, N.Y. (24.4%); Kingston, N.Y. (24.2%); and Spokane, Wash. (23.6%).
The report added that vacation homes and affordable homes in small towns near major urban centers were in strong demand as a result of the pandemic. “Although tourism took a major hit overall throughout 2020, our data shows that vacation housing still did well in terms of sales,” Yun said. “Many people purchased in these areas because they found themselves with new work-from-home freedoms.”
Boston was identified as the 10th most expensive metro area to buy a home in the fourth quarter, with the median price of a single-family home at $579,100. That’s up a whopping 19.9% from the previous year.
Nationally, the median home price jumped 14.9% to $315,900, compared to 2019. These shifts could become an impediment to homebuyers down the road, according to Yun. “The average, working family is struggling to contend with home prices that are rising much faster than income,” he said. “This sidelines a consumer from becoming an actual buyer, causing them to miss out on accumulating wealth from homeownership.”
The post Boston named 10th priciest metro for homebuyers in 2020 appeared first on Boston Agent Magazine.

 


 

first-time-homebuyers

FIRST TIME HOMEBUYERS


 

 

McDevitt Law Group voted #1 Choice for Attorney - Lawyer Milton, Massachusetts by Wicked Local Readers Choice

 

 

 

 

 

Tags used in this real estate lawyer news blog post:
#Closing #Attorney #Boston #ClosingAttorney #ma #RealEstate #HomeBuying #Attorney #Lawyer #Law

Article From: "Timothy Inklebarger"   Read full article

lawyers for real estate, Boston Massachusetts, arrow icon

McDevitt Law Group

Massachusetts Real Estate Attorneys
•   •   •
EXPERIENCE       EXCELLENCE

McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.


Barnstable County | Bristol County | Duke County | Essex County | Middlesex County | Nantucket County | Norfolk County | Plymouth County | Suffolk County


Just click on the Phone Number to dial on your phone:

617-282-7550

617-282-7550

lawyers for real estate, Boston

Pin It on Pinterest