Northeast Housing Market Update: Analysis of Home Sale Prices and Trends in Boston-Cambridge-Newton Metro Area February 2023

When it comes to the housing market, it's important to look at both the regional and local level. In the Northeast region of the US, the housing market has experienced some changes that are worth noting. According to data from Redfin, the median sale price of homes in the Northeast fell by 1.8% in January 2023 compared to the same period last year. This decline is slightly higher than the national decline of 1.5%. However, the report from Zillow indicates that the number of homes sold in the Northeast in January 2023 increased by 6.9% compared to the same period last year, which is slightly lower than the national increase of 8.7%.

When we zoom in on the Boston-Cambridge-Newton, Mass.-N.H. metro area, we see some differences from the Northeast region as a whole. According to data from Redfin, the median sale price of homes in the Boston-Cambridge-Newton metro area fell by 0.7% in January 2023 compared to the same period last year. This decline is lower than both the Northeast and national declines. Additionally, the report from Zillow indicates that the number of homes sold in the Boston-Cambridge-Newton metro area in January 2023 increased by 4.3% compared to the same period last year, which is slightly lower than the national increase but higher than the Northeast increase.

One factor that may be contributing to the differences between the Boston-Cambridge-Newton metro area and the rest of the Northeast region is the area's strong job market. According to the Bureau of Labor Statistics, the Boston-Cambridge-Nashua metro area had an unemployment rate of just 2.1% in December 2022, compared to the national unemployment rate of 3.9%. This strong job market could be driving demand for housing in the area, despite the overall decline in home sale prices.

Overall, while the Northeast region and the Boston-Cambridge-Newton metro area have both experienced a decline in home sale prices, the Boston-Cambridge-Newton area has seen a slightly smaller decline and a higher increase in the number of homes sold. These differences may be due to factors such as the area's strong job market, which could be contributing to higher demand for housing. It's important for those looking to buy or sell a home in the Northeast region to keep a close eye on local market trends and work with a trusted real estate professional to make the most of the current conditions.