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.
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.