NORTHEAST

“When there isn’t a structural imbalance, real estate follows wealth and employment. If anything, the New England market is imbalanced due to lack of supply. Despite the steep decline in tech stocks in particular, wealth and employment are stronger than they were pre-pandemic. We leave it to the economists as to whether the Fed or other events will drive employment and stock market down, but whatever happens, real estate will follow. It could be that lack of supply dampens a downturn. Specific to New England, we continue to see strong employment in growth industries such as life sciences, technology, and financial services – all sectors with high salaries and bonus structures. Most New England states have an unemployment rate below the national average of 3.5%. Boston in particular has 28 new employees for each unit of new housing. A balanced market would be more like 2/1.

Climate resilience and lifestyle preferences have been strongly supportive of Vermont, Maine, and New Hampshire. We are beginning to see consequences of the new Millionaire’s Tax in Massachusetts. New Hampshire’s proximity, lifestyle, work from anywhere and tax advantages continue to buoy the New Hampshire real estate market.”

-Ruth Kennedy Sudduth, LandVest, Inc., Boston, MA