Boston’s real estate market has been one of the nation’s storylines over the past decade.  The metro area has seen the housing market explode as the limited supply of real estate inventory just hasn’t been able to keep pace with growing demand.  Now, Massachusetts holds the 5th highest median sale price among all 50 states, and Boston is not far behind San Francisco in terms of real estate prices.

Many predicted that the red hot Boston real estate market would cool off in 2022 amidst record inflation, rising interest rates, and a recession looming.  Half way through the year, it looks like those predictions may be turning into reality.  Real estate sales have dipped slightly compared to the beginning of the year and inventory is up considerably from last year.  However, Boston real estate prices are still rising thus far in 2022, albeit at a slower rate than last year.

Boston Real Estate Sales Dip By -3.82% Through First Half Of 2022

Total 1-year sales of real estate properties have dropped by -3.82% in Boston over the first six months of the year.  As of July 1, 2022, there were 7,457 properties closed in Boston over the previous 365 days.  That figure stood at 7,753 on January 1, 2022, indicating that real estate demand has been curbed as interest rates have risen this year.

Supply of Homes For Sale Is Rising In Boston

If you look at the total supply of real estate inventory in Boston through the first half of the year, you’ll see more evidence that demand is waning.  The total number of listings for sale in Boston was 1,605 at the beginning of July, which is up +44.20% since September 2021 when only 1,113 were available.  For the first time since 2018t, the number of listings for sale has increased year-over-year in Greater Boston.  If you combine rising inventory with a decrease in sales, you’ll be looking at the early signs of a potential price correction in the Boston housing market.  Thus far, that has not been the case as…

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