Year-End Market Update: The 2020 Real Estate Miracle

Year-End Market Update: The 2020 Real Estate Miracle

If you had told analysts in March 2020 that the year would end with double-digit price growth, few would have believed you. Yet, as we close out the year, the Massachusetts market is stronger than ever.

By the Numbers: A Historic Surge

• Median Price Increase: Up nearly 11% statewide compared to 2019.
• Inventory Status: Active listings are down over 50% year-over-year.
• Interest Rates: Hovering near historic lows of 2.7%.

Local Spotlight: The Suburban Boom

Towns like Wellesley and Newton have seen 'absorption rates' hit record highs. Homes are selling as fast as they can be photographed. The primary driver? The need for dedicated home offices and private outdoor space.

What This Means for 2021

We expect the seller's market to persist. For buyers, speed and high-limit pre-approvals will be the only way to compete.