Looking ahead into the Spring of 2024, the Boston housing market is poised to maintain its competitive and dynamic nature. Here is the skinny on what both buyers and sellers can anticipate in the Greater Boston area. According to insights provided by the well-regarded local real estate expert, Steph Crawford, of Steph Crawford Realty, and her teammate, Nicole Ginarte, a preview of expectations for the Boston real estate market in Spring 2024 is shared below.
Market Trends and Projections
The 2024 outlook for the housing market in Greater Boston closely mirrors the trends observed in 2023. Low inventory and sustained demand are expected to uphold property costs, with a projected moderate increase in home prices even if rates dip as anticipated, according to the Boston Globe. In December 2023, the median sales price for a home in Boston was $1,285,000. According to Ginarte, “Low inventory and falling interest rates will inevitably lead to increased bidding wars for buyers. This can be incredibly stressful for clients so it’s our job to ensure we are doing our due diligence before submitting an offer to protect our buyers from overpaying for a property.” Ginarte shared that she takes a lot of time to work with her clients to ensure not only that they feel comfortable and supported throughout the home buying process, but they are at the center of the decision making.
Crawford shared that “prospective buyers should be prepared for a competitive landscape this Spring.” While the market is expected to remain challenging, the projected increase in inventory with the Spring market could provide more options for buyers. According to the Boston Globe, it is essential for buyers to stay informed about the evolving market dynamics and be ready to act decisively when the right opportunity arises. Ginarte remarked, “it is essential to work with someone you trust. Steph and I take a lot of time to understand the specific needs of each of our clients before we take them out to see properties. It has to be a good fit for us and the client.”
Featured above: Nicole Ginarte & Steph Crawford of Steph Crawford Realty
The current market conditions continue to present a favorable opportunity for homeowners considering selling their properties, as the low inventory levels mean less competition among sellers, potentially leading to advantageous outcomes. Crawford noted, “the sustained demand and projected price growth in the Boston market make it an opportune time for those looking to list their homes as they can capitalize on the historic low inventory. This is particularly true if you are located in a highly desirable location like the South End, Back Bay or Beacon Hill.” Crawford emphasized that her team runs detailed analyses to ensure a home is priced fairly and competitively in order to yield the highest value for her clients. Additionally, she highlighted that her marketing strategy is different for every property and has led to historical sales for her clients.
Local real estate experts emphasize the importance of being well-informed and proactive in navigating the Boston housing market. Buyers and sellers are advised to work closely with experienced agents to understand market trends, set clear goals, and make well-informed decisions.
In conclusion, the Boston housing market in Spring 2024 is expected to uphold its competitive nature, presenting opportunities for both sellers and buyers. Staying informed about local market trends and seeking guidance from real estate professionals will be crucial for those looking to engage in property transactions in the Greater Boston area.
For individuals seeking more information and personalized insights tailored to their specific real estate needs, reaching out to Steph and Nicole is encouraged.
*Please note that all market trends and projections are subject to change based on various factors, and individuals are encouraged to conduct thorough research and seek professional advice before making any real estate decisions.*
Citations:
[1] https://bostonagentmagazine.com
[2] https://bostonagentmagazine.com/2023/12/29/bostons-top-five-local-real-estate-news-stories-of-2023/
[3] https://www.bostonmagazine.com/sponsor-content/boston-real-estate-trends-2022/
[4] https://www.bostonglobe.com/2023/12/27/real-estate/the-2024-outlook-for-home-buyers-and-renters/
[5] https://www.movoto.com/boston-ma/market-trends/
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Website: https://stephcrawfordrealty.com/