Four Stats That Show Just How Hot the Suburban Real Estate Market Is Right Now
It’s no secret that this spring and summer incited a surge of suburban home sales, with eager buyers flocking to listings with more space and bigger yards. But even after months of explosive activity, the suburban Boston real estate market shows no signs of slowing down, according to the latest monthly market report from Flyhomes. See the numbers for yourself below and get some pro advice on making your offer or listing stand out during a hectic time.
The median sale price for suburban homes has jumped more than $150,000 in a year.
After hovering around $657,500 last fall, the median suburban home price in Malden, Medford, Quincy, Weymouth, Watertown, Brookline, Newton, Lexington, Winchester, Belmont, and Arlington is now $815,000.
The median suburban home or townhouse spends less than three weeks on the market.
Inventory is turning over much more quickly than it has in the past. A suburban home is typically snapped up in 20 days, a stat that’s held fairly steady since May despite traditional seasonality. Last year, a home or condo took typically twice as long to sell. That’s a lot more open houses to stage.
The average sale-to-list price has held steady around 101 percent since June.
Last year, the average owner would settle for around 98 percent of the list price. But with more offers flying around, many sellers are now getting more than they even asked for.
The number of properties sold in the suburbs has stayed high through the fall, resisting a traditional seasonal decrease.
Historically, most sales take place in the spring and early summer, with activity sharply dropping off around the start of school. This year, sales have held steady through late autumn, with around 340 homes leaving the market in October alone, up from 270 in October 2019.
How to Ace Your Move
With homes selling faster and for more money, you’ll need to bring your A-game as a buyer or seller. Here’s how enlisting some help can help you stand out from the competition:
- Make guaranteed or cash offer: A Flyhomes guaranteed offer is a traditional home offer backed by an on-paper promise that Flyhomes will buy the home if something unexpected happens and the client can’t. Flyhomes can also make a cash offer to the seller on behalf of the client. Later, the client officially buys the home from Flyhomes for the same price.
- Upgrade confidently: Flyhomes Trade Up allows homeowners to buy a new home with a Flyhomes cash offer, move right in, and then sell their current home. There’s no need to move twice or deal with the hassle of living in a listed home.
- Get a team that has your back: Flyhomes is a brokerage, a mortgage lender, and a closing company under one roof. Its team of specialists offers guidance at every step of the way and services that go the extra mile, like same-day tours, virtual tours, and a speed-optimized app.
Learn more about buying, selling or trading up your home through Flyhomes.
#422299This is a paid partnership between Flyhomes and Boston Magazine's City/Studio