The Boston area remains one of the most expensive in the nation for buying a home, but recent data suggest that things might be turning a bit—a bit—in favor of prospective buyers rather than sellers.
The volume of home sales has slowed during the past few months and the number of homes for sale in the first place has increased, a sure sign of a slowdown or a cooling or whatever term one wants to use in describing a market where not everything sells super fast amid bidding wars and all-cash offers.
Part of this surely has to do with tax changes at the federal level—especially caps on deductions for state and local real estate taxes—and with the general uncertainty about the market for mortgages going into 2019 (i.e. will rates bounce?).
Much of it, though, is probably due to that age-old axiom: What goes up must come down. It was only a matter of time before Boston-area prices descended from the stratosphere they inhabit with those from New York City, San Francisco, San Jose, Washington, D.C., and maybe a couple of other markets.
But what’s it feel like on the ground? That’s our latest open thread: Is the market really cooling? What are you experiencing? Sound off in the comments section below.