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Housing Market Price Trends & 2019 Outlook

How Much Did Average Sold Home Price Change The Past Year?

Nationwide, the average single family home price did not significantly change between 2017 and 2018. In comparison, Northeast home sales decreased by about 2.4%, while prices in the towns that I cover averaged an increase of 7.8%, with a wide range of town-specific changes.

Towns That Changed The Most

Concord and Weston saw increases of 12% each, which were the highest, with Lincoln and Needham both right behind them at 11%. Lincoln’s jump may be attributed to the fact that it only saw 62 homes sold in 2018 – same with Carlisle, who saw a price increase of 11% with just 76 homes sold. Every other town had at least 130 homes sold, with some even reaching over 300. Lexington, the only town to not increase in average sold price, dipped by less than 1%, while Sudbury, the next lowest, went up by 1%. Lexington is one of the few towns that has been steadily increasing in average sold price each year over the past decade, so this stabilization is likely just a correction year.

The Cities

This writeup addresses single family homes, except for in the cities of Boston and Cambridge, where it covers condominiums. Boston and Cambridge have both seen an uptick in average sold condo price in each of the past 10 years. In fact, the average price in each city has almost doubled since 2009.

Outlook For 2019

In the final week of the first quarter of 2019, the average interest rate on the standard 30-year mortgage fell at the fastest rate in more than 10 years. This was a welcome change after a huge interest rate increase at the beginning of the year. Analysts predict that the downward trend will continue due to other economic indicators, including the Federal Reserve’s recent decision to hold off on its own rate increases for the foreseeable future. This should counteract the significant increase in home values during the first quarter of 2019 and encourage potential buyers to begin shopping and to spend a little more than they would with a higher interest rate.

How We Can Help

To learn more about how we can help you sell your house for the right price or find the perfect home, please call my cell any time at 781-389-4400, or contact any one of the excellent Fine Boston Living team members.

2019 Luxury Market Report – hot off the press!

Coldwell Banker Global Luxury just released their second annual State of Luxury Report for 2019! Click the link below to learn about the following:

● Significant trends from the Power Markets

● 2019 landmark listings and sales

● Trends driving the ultra-high-net-worth population

● Top luxury property must-haves

● Domestic and global spotlights

The Report 2019

Premiere Estates – the best in Lexington History & Fine Boston Living!

Beyond The Sale Official Book Signing

Fine Boston Living team attended the “Beyond the Sale” book signing, written by our one of our own Branch Managers here at Coldwell Banker. Great job Ken Tutunjian and thank you to our gracious hosts Attorney Sonja Selami and Shannon Pastuszak!

Making Memories with Fine Boston Living

Spring home sales are well underway. We’re looking forward to making more memories this season with our wonderful clients!

SPRING HAS ARRIVED ONCE AGAIN

Real Estate prices are breaking all kinds of records!

Find out which Posh Boston Suburb is right for you!

Fun facts about some of Boston’s best Suburbs.

Warming up for Winter in NYC!

December is the ideal time to prepare for the spring real estate season, network, strategize and enjoy winter –
Elizabeth Crampton joins top Boston Real Estate Firm Selami Law and Greater Boston Realtors Tom Aaron and Sven Anderson at Per Se in NYC!

Sonja Selami Law Office Opens in Boston

On Friday, October 6, 2017, Sonja Selami Law Offices celebrated their new Boston office at 425 Boylston Street with an Open House event. Guests, including Elizabeth Crampton and top home stager Linda Kofoed, enjoyed champagne and hors d’oeuvres from renowned chef Ming Tsai, while taking in the views of Boylston Street from the Penthouse office. With locations in Boston, Wellesley, Newton, Lexington, Bedford and Norwell Sonja Selami Law Offices selamilaw.com can provide quality real estate legal services in many locations close to work and home.