Sellers, meanwhile, should still be able to enjoy a hot market after prices have risen significantly across Lexington and the Greater Boston area over the past few years. As mentioned, interest rates are expected to increase after being so low for such a long time, but don’t worry buyers – it should be only a moderate increase. In these uncertain times, it is difficult to predict exactly what will happen to the housing market. 30 of our 37 listed homes – that’s 81% – sold at or above asking price! On average in 2021, Single Family homes listed with our team sold for nearly $60,000 over their original listing price. With that return to normalcy came even more success for our clients. Though our team saw success in 2020, it is all about the clients and the relationships we form, so we all felt overjoyed to see something of a return to normalcy. Thankfully, we were eventually able to return to in-person meetings, showings, and most importantly, closings and the celebrations that followed. We continued to adapt to these rapidly changing times in order to provide you with the best service possible. Like 2021, 2022 will be a seller’s market, meaning it is more important than ever before to work with a qualified agent that can best help you navigate through today’s challenges, whether it be preparing your house for the market, getting your offer to stand out among the rest, or knowing when to list in a market with no season.Īnother prosperous year for our clients meant another successful year for our team in 2021. As we move into 2022 it is important to be aware of the influx of demand and lack of supply that the market has continued to experience over the past few years. These factors have made the Greater Boston Area and its surrounding areas extremely desirable. Lexington has historically ranked very high among public school systems, which has continued to increase the value of homes in the town. This year, has ranked Lexington High School as the #1 public high school in Massachusetts. Another factor contributing to this massive growth in price is the strong education provided by Lexington Public Schools.

Lexington alone witnessed an increase in average sale price of 15% from 2020 to 2021. The continuous market has played a big role in the growth of home prices around the country and especially in the Greater Boston Area. This means more buyers in the market than previous years. The advancement of work from home and flexibility in the workplace has lowered the expected length of time an owner stays in their home from 10 years to 8 years. These purchases are especially straining on the already-low supply of homes since they take a home off the market without adding one to it. In addition to this, second home purchases are up 17% as of October 2021. Instead of holding off until Spring, buyers are searching for homes quickly to take advantage of the lower interest rates. One of the reasons we believe the market stayed hot throughout the colder months is due to expectations of interest rate increases in 2022.Įconomists predict that interest rates will rise to 3.4% – 4% in 2022. In October 2021, over 42% of sold homes nationwide went for above asking price! The Greater Boston Area was no exception, as nearly every town nearby saw an increase in average sales price in 2021 while maintaining a sales volume similar to that of 2020. However, unlike previous years, the market continued to stay hot through the rest of Fall 2021. In past years, Spring and early Summer tended to be the hottest times to buy and sell homes.

One of the biggest changes we are starting to see is the drifting away from seasonality.

Just like the rest of the world, we are constantly adapting to match the rapid change that the pandemic brings. Through the rest of 20, the world of real estate has continued to fire up. Although the real estate world-along with most industries-was all but shut down in Spring 2020, the market roared back to life as soon as buyers and agents were able to safely tour homes. At the beginning of the pandemic, a tangible feeling of uncertainty filled the air. Two years into the pandemic and it feels like it was just yesterday that Covid-19 hit the news. Housing Market Price Trends & 2022 Outlook

O town macdown 2017