Q3 Market Report

2021 THIRD QUARTER

Market Insights

2021 | 3RD QUARTER MARKET INSIGHTS

34.5 Beacon Street U:1, Boston | Listed for $3,995,000 by Rebecca Davis Tulman

Move beyond your expectations.

Autumn is one of the most picturesque seasons in New England. From majestic lookout points in the city of Boston, to tucked-away ponds along the North and South Shores, to enticing farmers’ markets on Cape Cod, the Commonwealth offers a wide range of places where you can see the season at its best. I hope that you and yours will take some time to enjoy the natural beauty of fall in Massachusetts.

In the last few months, the urban markets of Boston and Cambridge have seen a strong resurgence. These markets, dominated by condominiums, saw an expected slowdown in sales during the pandemic, as the ability to work remotely meant employees no longer needed to live within commuting distance of their workplaces.

Rentals saw the same shift, as widespread campus closures and moves to online learning impacted housing markets and communities dependent on students. However, as Massachusetts became the second most vaccinated state in the country—and a life restored to some semblance of normalcy didn’t seem as far off as it once did—many buyers and renters again saw the value of city living.

The suburban markets continued their fevered pace this quarter, with only a brief pause in August, as people took time off from their home searches to enjoy the summer weather and adjust to the new school year.

Likewise, Cape Cod has continued its record-breaking sales streak, buoyed by a trend of consumers buying a “second-primary-home” where they can spend half of their year while working remotely.

Some have wondered if this strong market is indicative of a “bubble”. Unlike the real estate boom of the early 2000s, this market is not backed by risky mortgages. Today’s buyers write substantial down payments and qualify against stringent lending criteria, providing ample equity to buffer homeowners for normal market shifts.

At our company meeting this year, we had the honor of welcoming Dr. Lawrence Yun, the Chief Economist of the National Association of REALTORS®, whose forecast for 2022 is that favorable conditions will remain. The economic recovery continues and the pandemic outlook is improving. We will see an increase in interest rates, although it is not expected to have a major impact.

The market remains healthy and now is a great time to sell your home. Please reach out to any of our agents to learn what your home is worth today. Please contact us for a complimentary market analysis and to learn how we can help you achieve your goals.

2021 | 3RD QUARTER MARKET INSIGHTS

127 High Street, Boston | Sold for $1,789,000 by Nancy Roth

Source: MLSpin. For the purpose of this report, core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District, Midtown, North End, South Boston, South End, Theatre District, Waterfront and the West End.

Boston Single Family Q3 Market Insights Median Sale Price

Listing Inventory

$1,250,000

56

- 1% Year over Year

- 32% Year over Year

The Median Sale Price for SF homes in Boston has decreased 1% to $1,250,000, down from $1,265,000 in Q3 2020.

The Listing Inventory of SF homes in Boston has decreased 32% to 56, down from 82 in Q3 2020.

Median Days to Offer

Number of Sold Properies

11 Days

65

0% Year over Year

+ 33% Year over Year

The Median Days to Offer for SF homes in Boston is the same as Q3 2020.

The Number of Sold SF homes in Boston has increased 33% to 65, up from 49 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

305 Commonwealth Avenue U:2, Boston | Listed for $10,600,000 by Beth Dickerson

Source: MLSpin. For the purpose of this report, core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District, Midtown, North End, South Boston, South End, Theatre District, Waterfront and the West End.

Boston Condo Q3 Market Insights Median Sale Price

Listing Inventory

$845,000

634

+ 8% Year over Year

- 41% Year over Year

The Median Sale Price for Condos in Boston has increased 8% to $845,000, up from $785,000 in Q3 2020.

The Listing Inventory of Condos in Boston has decreased 41% to 634, down from 1.070 in Q3 2020.

Median Days to Offer

Number of Sold Properties

16 Days

653

+ 33% Year over Year

+ 16% Year over Year

The Median Days to Offer for Condos in Boston has increased 33% to 16 days, up from 12 days in Q3 2020.

The Number of Sold Condos in Boston has increased 16% to 653, up from 562 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

167 Spring Street, Cambridge | Sold for $815,000 by Lauren Holleran Team

Source: MLSpin

Cambridge Single Family Q3 Market Insights Median Sale Price

Listing Inventory

$1,708,500

17

- 6% Year over Year

- 35% Year over Year

The Median Sale Price for SF homes in Cambridge has decreased 21% to $1,708,500, down from $1,824,000 in Q3 2020.

The Listing Inventory of SF homes in Cambridge has decreased 35% to 17, down from 26 in Q3 2020.

Median Days to Offer

Number of Sold Properties

7 Days

50

0% Year over Year

+ 79% Year over Year

The Median Days to Offer for SF homes in Cambridge is the same as Q3 2020.

The Number of Sold SF homes in Cambridge has increased 44% to 50, up from 28 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

88 Highland Avenue U:88, Cambridge | Sold for $2,225,000 by Dom Lange & Lindsay Coutu

Source: MLSpin

Cambridge Condo Q3 Market Insights Median Sale Price

Listing Inventory

$825,000

113

+ 2% Year over Year

- 26% Year over Year

The Median Sale Price for condos in Cambridge has increased 2% to $825,000, up from $805,500 in Q3 2020.

The Listing Inventory of Condos in Cambridge has decreased 26% to 113, down from 152 in Q3 2020.

Median Days to Offer

Number of Sold Properties

8 Days

191

- 33% Year over Year

+ 9% Year over Year

The Median Days to Offer for Condos in Cambridge has decreased 33% to 8 down from 12 in Q3 2020.

The Number of Sold Condos in Cambridge has increased 9% to 191, up from 176 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

89 Fletcher Road, Belmont | Listed for $4,995,000 by Carolyn Boyle and Lisa May

Source: MLSpin. For the purpose of this report, Greater Boston includes Arlington, Belmont, Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett, Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.

Greater Boston Single Family Q3 Market Insights

Median Sale Price

Listing Inventory

$871,000

565

+ 13% Year over Year

- 21% Year over Year

The Median Sale Price for SF homes in Greater Boston has increased 13% to $871,000, up from $770,000 in Q3 2020.

The Listing Inventory of SF homes in Greater Boston decreased 21% to 565, down from 717 in Q3 2020.

Median Days to Offer

Number of Sold Properties

7 Days

1,506

0% Year over Year

- 2% Year over Year

The Median Days to Offer for SF homes in Greater Boston is the same as Q3 2020.

The Number of Sold SF homes in Greater Boston has decreased 2% to 1,506, down from 1,535 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

27 Fordham Street U:2, Arlington | Sold for $925,000 by Steve McKenna & The Home Advantage Team

Source: MLSpin. For the purpose of this report, Greater Boston includes Arlington, Belmont, Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett, Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.

Greater Boston Condo Q3 Market Insights

Median Sale Price

Listing Inventory

$690,000

1,882

+ 5% Year over Year

- 29% Year over Year

The Median Sale Price of Condos in Greater Boston has increased 5% to $690,000, up from $660,000 in Q3 2020.

The Listing Inventory of Condos in Greater Boston has decreased 29% to 1,882, down from 2,635 in Q3 2020.

Median Days to Offer

Number of Sold Properties

10 Days

2,954

0% Year over Year

+ 22% Year over Year

The Median Days to Offer for Condos in Greater Boston is the same as Q3 2020.

The Number of Sold Condos in Greater Boston has increased 18% to 2,954, up from 2,419 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

90 Hundreds Road, Wellesley | Sold for $4,000,000 by Benoit | Robinson | ORourke

Source: MLSpin. For the purpose of this report, MetroWest includes Ashland, Dover, Framingham, Holliston, Hopkinton, Medfield, Medway, Millis, Natick, Needham, Sherborn, Sudbury, Wellesley, Weston.

MetroWest Q3 Market Insights

Median Sale Price

Listing Inventory

$1,160,000

302

+ 13% Year over Year

- 34% Year over Year

The Median Sale Price in the MetroWest has increased 13% to $1,160,000, up from $1,025,000 in Q3 2020.

The Listing Inventory in the MetroWest has decreased 34% to 302, down from 456 in Q3 2020.

Median Days to Offer

Number of Sold Properties

6 Days

965

- 40% Year over Year

- 9% Year over Year

The Median Days to Offer in the MetroWest has decreased 40% to 6, down from 10 in Q3 2020.

The Number of Sold Properties in the MetroWest has decreased 9% to 965, down from 1,064 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

27 Phillips Avenue, Rockport | Listed for $2,895,000 by McDermott & MacCarthy

Source: MLSpin. For the purpose of this report, the North Shore includes Amesbury, Beverly, Boxford, Danvers, Essex, Georgetown, Gloucester, Groveland, Hamilton, Haverhill, Ipswich, Lynn, Lynnfield, Manchester, Marblehead, Merrimac, Middleton, Nahant, Newbury, Newburyport, Peabody, Rockport, Rowley, Salem, Salisbury, Saugus, Swampscott, Topsfield, Wenham, and West Newbury.

North Shore Q3 Market Insights

Median Sale Price

Listing Inventory

$619,000

299

+ 11% Year over Year

- 5% Year over Year

The Median Sale Price in the North Shore has increased 11% to $619,000, up from $560,000 in Q3 2020.

The Listing Inventory in the North Shore has decreased 5% to 299, down from 316 in Q3 2020.

Median Days to Offer

Number of Sold Properties

7 Days

1,006

0% Year over Year

- 14% Year over Year

The Median Days to Offer in the North Shore is the same as Q3 2020.

The Number of Sold Properties in the North Shore has decreased 14% to 1,006, down from 1,166 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

33&37 Manters Point, Plymouth | Listed for $2,495,000 by Ashley Brennan

Source: MLSpin. For the purpose of this report, South Shore includes Abington, Braintree, Carver, Cohasset, Duxbury, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Rockland, Scituate, Weymouth, Whitman.

South Shore Q3 Market Insights

Median Sale Price

Listing Inventory

$545,000

557

- 11% Year over Year

+ 10% Year over Year

The Median Sale Price in the South Shore has decreased 11% to $545,000, down from $609,000 in Q3 2020.

The Listing Inventory in the South Shore has increased 10% to 557, up from 506 in Q3 2020.

Median Days to Offer

Number of Sold Properties

7 Days

2,055

+ 17% Year over Year

+ 19% Year over Year

The Median Days to Offer in the South Shore has increased 17% to 7, up from 6 in Q3 2020.

The Number of Sold Properties in the South Shore has increased 19% to 2,055, up from 1,722 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

25 Powers Lane, Yarmouth | Listed for $5,499,000 by Jack Bohman

Source: MLS Flex. For the purpose of this report, lower Cape includes Brewster, Chatham, Dennis, Harwich, Orleans *Median Sale Price is based on a combination of all property types.

Lower Cape Q3 Market Insights

Median Sale Price*

Listing Inventory

$570,000

843

+ 14% Year over Year

- 37% Year over Year

The Median Sale Price on the Lower Cape has increased 14% to $570,000, up from $500,000 in Q3 2020.

The Listing Inventory on the Lower Cape has decreased 37% to 843, down from 1,342 in Q3 2020.

Median Days on Market

Number of Sold Properties

32 Days

477

- 68% Year over Year

- 28% Year over Year

The Median Days on Market on the Lower Cape has decreased 68% to 32, down from 99 in Q3 2020.

The Number of Sold Properties on the Lower Cape has decreased 28% to 477, down from 661 in Q3 2020.

2021 | 3RD QUARTER MARKET INSIGHTS

10 Telegraph Hill Road, Provincetown | Listed for $5,695,000 by Emily Flax

Source: MLS Flex. For the purpose of this report, outer Cape includes Eastham, Wellfleet, Truro, Provincetown. *Median Sale Price is based on a combination of all property types.

Outer Cape Q3 Market Insights

Median Sale Price*

Listing Inventory

$635,000

384

+ 11% Year over Year

- 47% Year over Year

The Median Sale Price in the Outer Cape has increased 11% to $635,000, up from $570,000 in Q3 2020.

The Listing Inventory in the Outer Cape decreased 47% to 384, down from 729 in Q3 2020.

Median Days on Market

Number of Sold Properties

63 Days

181

- 57% Year over Year

- 31% Year over Year

The Median Days on Market in the Outer Cape has decreased 57% to 63, down from 146 in Q3 2020.

The Number of Sold Properties in the Outer Cape has decreased 31% to 181, down from 263 in Q3 2020.

Looking for more insights? Contact our team.

Arlington

Dennis

Savin Hill

1010 Massachusetts Avenue Arlington, MA 02476 781.648.3500

563 Route 6A Dennis, MA 02638 508.385.4944

119 Savin Hill Avenue Boston, MA 02125 617.825.0800

Back Bay

Harwich Port

277 Dartmouth Street, 2nd Floor Boston, MA 02116 617.375.6900

587 Route 28 Harwich Port, MA 02646 508.432.6100

Brewster 2404 Main Street Brewster, MA 02631 508.896.5000

Cambridge 1008 Massachusetts Avenue Cambridge, MA 02138 617.945.9161 1762 Massachusetts Avenue Cambridge, MA 02140 617.864.9779

Charlestown 20 City Square Charlestown, MA 02129 617.242.4222

Chatham 409 Main Street Chatham, MA 02633 508.945.0000

South Boston 141 Dorchester Avenue, #R102 Boston, MA 02127 617.482.9200

Hingham 15 Shipyard Drive 1A Hingham, MA 02043 781.749.8833

Manchester-by-the-Sea 21 Central Street Manchester, MA 01944 987.526.0243

Needham 936 Great Plain Avenue Needham, MA 02492 781.444.8383

North End | Waterfront 2 Baldwin Place Boston, MA 02109 617.227.1000

South End 556 Tremont Street Boston, MA 02118 617.426.6900

Sudbury 420A Boston Post Road Sudbury, MA 01776 978.443.8484

Wellesley 54 Central Street Wellesley, MA 02482 781.237.8181

Weston Orleans 6 Route 6A Orleans, MA 02653 508.255.6000

544 Boston Post Road Weston, MA 02493 781.894.8282

Cohasset

Provincetown

Westwood

1 South Main Street Cohasset, MA 02025 781.383.8835

168 Commercial Street Provincetown, MA 02657 508.487.2430

745 High Street Westwood, MA 02090 781.329.8008

Whether you’re moving on or moving forward, Nothing compares.

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