Local Market Update - December 8, 2023
Local Market Update: A Varied Real Estate Landscape
The South Shore continues to buzz with real estate activity, as homes that are well-priced and in good condition are being snapped up quickly, no matter the price point. Certain parts of the South Shore housing inventory are beginning to experience longer listing durations. Meanwhile, the real estate market in Boston proper is significantly slower, particularly in the condo segment, where many properties are seeing limited interest.
Down the Cape, there's a noticeable deceleration in the pace at which homes are going under agreement. This slowdown is mainly attributed to high mortgage rates, particularly affecting the second home and investment property markets. However, there's a glimmer of hope as mortgage rates have decreased slightly in recent weeks.
Experts are forecasting a stabilization in mortgage rates, predicting they will likely hover around the 6.5% mark by mid-2024. This projection offers a mixed bag of implications for different market segments, suggesting a period of adjustment and recalibration in the months ahead.