Here’s How the Greater Boston Housing Market Fared in April 2023

Breaking records is good. Continuing to break records cause of low inventory? Not so good.

April 2023 market recap

Photo via Getty Images/ Malte Mueller

The weather has been gorgeous lately, perfect for visiting Everett’s new dog run/bar or enjoying a local summer brew on a patio. And yet, many are choosing to spend their spring weekends inside, shuttling from open houses in a desperate attempt to find a home. Yes, realtors say many are still spending their free time touring available homes and making desperate concessions to try and purchase them, even if the numbers tell you otherwise.

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Let’s dive in, shall we?

April 2023 was another record-breaking month in terms of home sales, or shall we say, lack thereof: The Massachusetts Association of Realtors reported the lowest number of monthly home sales (both single-family and condos) since 2004, when the trade organization first started recording these figures. Sounds notable until you remember the last time this record was broken was February, representing a significant shift in the market over the last 18 years.

Typically, spring marks the return of home buyers, but this April represented an unusual season for the market. New listings dropped 28.0 percent for single-family homes and 25.6 percent for condos between this April and last, continuing a trend we’ve seen throughout the first several months of 2023. Closed sales also decreased by 24.2 percent for single-families and 33.1 percent for condos. The problem, once again, boils down to an utter lack of inventory: Fewer homes for sale means fewer home sales, especially at a certain price point.

“Obviously our lack of inventory continues to pose a significant problem for the volume of transactions,” says David McCarthy, 2023 Massachusetts Association of Realtors (MAR) president and Keller Williams broker. “We’re just not having the volume of activity as we were those other seasons.”

But, as McCarthy clarifies, that doesn’t mean the buyers aren’t out and vying for available homes like sharks circling chum in the water. Open houses—especially ones for properly priced properties—are busy and buyers are making contingencies as their second, third, and fourth offers fall through. Unfortunately, there’s also no magic solution—except maybe skipping summer vacation this year so if a home you love goes up for sale, you’re ready to act.

“Just be prepared to make an offer,” he says. “Get yourself to an open house, get yourself to a showing. Be ready, willing, and able. It boils down to that.”