According to Realtor.com, the Boston real estate market is recovering much quicker than other parts of the country due to Massachusetts’ careful and quick response to Covid-19, as a result, things have opened up more quickly and people are able to get out and see more properties.
Realtor.com also puts out a “recovery index” where they compare certain market metrics from July 11, 2019 to January 2020. These include growth in online search activity and new listings, as well as asking prices and time on market. While this does not reflect sales, the fact that inquiries and prices are up is encouraging. Boston is one of the 50 markets that has either reached or surpassed January 2020 levels.
The Boston real estate buyer’s market has been on a big upswing and continues to be so since the Covid “recovery.” The combination of low interest rates and low inventory has been fueling the market. Interest rates continue to go down even lower creating more opportunities for buyers and sellers in this hot Boston market.
Even though there is a high unemployment rate in Massachusetts compared to the nation, the market remains strong. This is because there is a large population of people in Boston who are employed in the tech industry as well as big employers in financial services, education, and health care, including biotech, pharma, hospitals, and insurance companies. This has created a certain amount of stability for industries where employees can work from home.
While retail, hospitality and other industries have experienced huge layoffs there has been much less layoffs with people particularly in technology. They seem to feel fairly confident about their job security. Many of them are driving the current buying market.
According to Boston Real Estate Attorney, Matt Valanzola of Valanzola Law Group, the forecast for the market is strong. “Even with all the challenges that are facing the market, real estate in Boston and Massachusetts will remain strong because of the high demand for housing. This might change for rentals slightly in the fall depending on how many students return to in person classes. But overall we see demand increasing steadily into 2021.”
If you need a Real Estate Attorney for a commercial or residential transaction, then please contact Attorney Matt Valanzola at Valanzola Law Group.