The Boston real estate market is experiencing a paradox where sales are declining while home prices are reaching record highs, according to a report from the Greater Boston Association of REALTORS (GBAR). The median sales price for single-family homes has risen by 4.2% to $990,000, while condos have increased by 4.4% to $732,000. This rise in prices correlates with a decline in both single-family and condo sales by 6% and 7.7% respectively. Many cite an influx of New Yorkers and other out-of-state buyers as a contributing factor to the rising prices, though this perspective is debated.
Boston's record-breaking median home prices, alongside slipping sales, suggest a market imbalance possibly influenced by an influx of buyers from New York and other regions.
Despite the challenging market conditions, the desire for homeownership remains strong, stemming partly from migration trends that lawmakers and analysts are trying to comprehend.
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