We are honored to share with you the current real estate market report for the first quarter of 2022 in Eastern Massachusetts. If you have been reading our recent updates, some of the data will seem familiar. As we saw for the suburban, coastal, and second-home markets in 2020 and 2021, velocity continues to be the theme, with properties moving at very fast rates – in some regions, the median number of Days To Offer (DTO) is less than a week!
So what are the conditions that have led to this continued pace and rising prices? As we have noted before, we have not built enough new homes over the last ten years. With household formation at the peak for Millennials, this is leading to part of the squeeze. Interest rates are rising – and this has led to some buyers feeling the pressure to buy before they rise more. Another contributor was the change to how many of us work remotely. Cape Cod, and other markets that are known for a large contingent of second homes, saw an influx of year-round home buyers when work-from-home became the norm. Commutes were no longer a major concern and people could live almost anywhere – why not live in an area that offers abundant natural beauty? So, people flocked to the Cape and the demand and number of cash offers drove the market higher.
If we can help you and your loved ones with a move in 2022 or help you create a strategy to make your real estate dreams happen, please feel free to contact us. We would be honored to help you.