The median selling price for single family homes in Greater Boston reached $825,000 last month. | Photo by @rickinmarblehead
Boston’s recently hot real estate market is starting to show signs of cooling off. While we had a sizzling seller’s market and tons of buyer demand earlier this year, housing sales in Greater Boston are now beginning to normalize.
For those hoping to dip their toes in the home buying waters soon, it helps to know what trends to expect. Put on your floaties, and let’s hear what the local experts predict.
Look out for the shores 🏡
Kate Johnson, Senior Vice President of Compass, thinks homebuyers around Greater Boston will continue to opt for the suburbs over the next 12 months. That means areas in the South and North Shores could see heavy house buying activity, especially those purchasing second homes in coastal communities like Hull and Scituate.
While median home prices for single-family homes in Boston are well above $800,000, areas like Weymouth and Quincy are in the $500,000-600,000 range — and, likewise, bidding wars could heat up all over.
Don’t give up on Boston 🏡
Buyers hoping to find areas with less competition may want to think about getting a sweet pad in Boston proper.
“Because of the inventory accumulating and a lot more density with larger condo buildings, there’s definitely going to be less competition for individual units,” said Daniel Duval, Managing Partner of Elevated Realty. “There are more opportunities [in the city] for buyers to get in early on a new construction project where they have a little bit of leverage.”
Worth it to wait? 🏡
It might be. Duval said he is advising his clients who don’t have to sell or buy right now (especially those movingfrom the city to the ‘burbs) to wait it out.
“At the end of the day, I don’t think listing prices have caught up to where [interest] rates are,” he said. “Once that evens out a little bit, I think there will bebetter opportunities for buyers, specifically in some of the suburban neighborhoods.”
2022 Mass Black Expo | Fri., Sept. 23-Sat., Sept. 24 | 8 a.m.-6 p.m. | Boston Convention & Exhibition Center, 415 Summer St. | $25 | Grab tickets to the Commonwealth’s premier event for showcasing Black businesses, organizations, and allies committed to closing the state’s wealth gap.
Queer Crafts | Fri., Sept. 23 | 4-5:30 p.m. | Newton Free Library, 330 Homer St. | Free | Join other LGBTQ+ teens to make pennants out of felt, hang out, and have fun in a welcoming space. 🎨
Open Streets Dorchester | Sat., Sept. 24 | 9 a.m.-3 p.m. | Dorchester Avenue | Free | Freeport Street to Gallivan Boulevard will be closed to cars for walking, rolling + biking alongside neighbors.
Xperience Boston Arts & Music Festival | Sat., Sept. 24 | 2-10 p.m. | Underground at Ink Block, 90 Traveler St. | $59+ | The second to last day of Boston Cannabis Week features performances from Commoner, Curren$y, and The Alchemist. 🎤
Fall Festival | Sat., Sept. 24 | 12-5 p.m. | Broadway, Revere | Free to attend | The open street festival along Route 107 features a beer garden, live music, local vendors + a family zone. 🍂
Jake Owen | Sat., Sept. 24 | 5-10 p.m. | Big Night Live, 110 Causeway St. | $100 | Support the Greg Hill Foundation while enjoying a show from one of country music’s best — Annie Brobst and Spencer Crandall will open.*
Oktoberfest Fun Run | Sun., Sept. 25 | 10:30 a.m.-1:30 p.m. | Lamplighter Broadway, 284 Broadway, Cambridge | $15 | The race begins at 11 a.m. for this 21+ event. 👟
Harvard Square Open Market | Sun., Sept. 25 | 11 a.m.-5 p.m. | New England Open Markets, Church Street, Cambridge | Price of purchase | Shop 45+ local vendors at this seasonal market.
The Prince and Princess of Walesconfirmed their visit to Boston this winter for the Earthshot Prize Awards Ceremony. The royal pair will make an appearance at the JFK Presidential Library and Museum in Dorchester on Fri., Dec. 2. (Boston Globe)
Developers broke ground on a new $500 million life science lab at Boston Landing in Allston-Brighton yesterday. The nine-story, 350,000 sqft building will be at 60 Guest St. between the Bruins + Celtics practice facilities. (Boston Globe)
Celtics head coach Ime Udoka is expected to receive a one-year suspension for “violating organizational guidelines.” Assistant coachJoe Mazzulla will reportedly take over for the upcoming season, which starts on Sun., Oct. 2 against the Charlotte Hornets. (Boston Globe)
The Bruins announced a multi-year partnership with Rapid7 — a locally headquartered cybersecurity company — as the team’s official jersey patch partner. Beginning with the 2022-2023 season, the Bruins will wear a Rapid7 logo on the right chest of all jerseys. 🏒
64%. That’s the increase expected for Massachusetts residents’ electric bills this winter. National Grid expects the average bill to increase from $179 last winter to $293 this year due to higher natural gas prices. Learn how to manage your bill + save energy. 💸 (NBC 10)
Out with the old, in with the new. The MBTA has begun disposing of old Orange Line train cars at Wellington Yard, and will replace them with a fleet of 152 new state-of-the-art cars. (NBC 10)
If you’re on the hunt for an apple cider donutor two this fall, check out this map of 250+ donuts around New England. The interactive tool from local designer Alex Schwartz is separated into fresh and hot donuts + pre-made treats. 🍎
Time to feel the fall breeze + enjoy the autumn leaves with the Fall For Your City Sale happening now on Six & Main, BOStoday’s online shop. Take 20% off the entire Fall For Your City Collection now through Sun., Sept. 25.
Show your support for local journalism by joining the BOStoday membership program. Membership has some awesome perks like exclusive birthday deals, discounts from our online shop,Six & Main + more. Plus, 100% of membership funds help support our local editors — that’s us, Jessica + Sara.Learn more + sign up. 💻
There’s nothing worse than tossing and turning because you can’t fall asleep —especially when you have a big day coming up that you won’t be well-rested for. If you’re looking for a natural solution to help you fall asleep faster, sleep deeply + wake up refreshed, this supplement can help. Use code code 6AM for 20% off.*
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City Editor Sara volunteered at this week's East Somerville Foodie Crawl. | Photo by the BOStoday team
As big fans of supporting local businesses, we thought we’d share about the Main Streets network in our city.
The National Main Street Center was established in 1980 to address issues facing historic downtowns across the country. Three years later, Thomas Menino (City Councilor at the time + former Boston mayor) brought the initiative to Roslindale.
Pro tip: head to the website of your closest Main Street to find upcoming volunteer opportunities.
Today’s issue was written by City Editor Sara.
Editor’s pick: Are there any Sams or Samanthas reading this? Boston Beer Company is celebrating Samuel Adams’ 300th birthday (Sept. 27) with a free beer for 300 people who share a name with the founding father. 🍻
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