A recent study conducted on the residential real estate market in Newton and Brookline, MA, has revealed that despite a sharp decline in the volume of home and condo sales over the past one quarter, the selling prices remained stable as opposed to the same period, last year. It was also concluded that there has been a substantial increase in the listing inventory (the number and aggregate value of home and condo listings) from 339 units and $514.0 million to 407 units and $606.6 million). Average selling price was reported to be $1.222M for 2019, which was $1.213M for 2018. One of the many possible reasons behind price stability could be declining mortgage rates over the past 3 months. Last year, during the same period, rates raised rapidly creating anxiety and pressure in buyers to transact while rates were still said to be 'affordable.' Another reason could be misreading of signals by some sellers, who over-priced their original listings, leading to increased price reductions.

So, the big question is- Is it going to be a buyers’ market in the coming season? Considering the increase in the percentage of listings that underwent price reductions (7.1% to 11.8%) as well as an increase in days to offer (42 to 50), it can be said that the market is “slightly favorable” for buyers. Another good news for homebuyers is that they can be a bit relaxed about timing. So, if you were planning to buy a property in Brookline, this may be the right time to do so as you can take advantage of the present situation. You can partner with one of the best real estate agents in Brookline, MA to get a good deal on homes for sale. Buyers should not have unrealistic expectations and they should not wait for prices to drop significantly, as this strategy clearly hasn't been working in the past and such buyers are getting shut out. There are already just too many ready, willing, and capable buyers out there, so delaying the purchase does not seem to help.

Housing Stock Comparison - Brookline Vs Newton

Newton’s housing stock primarily comprises of single and two-family unit structures, whereas Brookline offers more options in structures with 10 or more units. Smaller households looking for multi-family units have fewer choices in Newton. If you are looking for more multifamily housing options, Brookline has more options to choose from. Planning to buy a house in Brookline, Newton or Boston? Get in touch with Boston Real Estate Experts for unparalleled real estate services.