Boston home values rise as competition remains strong MABA MassachusettsRealEstate FirstTiemHomeBuyers MaBuyerAgent

With competition fierce as potential sellers hold onto their homes waiting for mortgage rates to drop, home values are on the rise, and Boston homes are no exception. From June to July, Boston home values climbed higher than most areas, according to a new Zillow market report, which ranked Boston in the top five for home value growth during that period.

The average home price in Beantown rose one point three percent from June to July to $662,736. Year over year, the price was up one point seven percent. That increase was higher than the national average, which climbed point nine percent month over month and one point four percent year over year to $349,679. Compared to February 2020’s pre-pandemic level, the national average home price was up forty six percent. Rising home values are attributed to limited listings for prospective homebuyers due to rising mortgage rates and more potential sellers staying put.

The number of new Boston listings was down thirty three point three percent from last year, while total inventory fell thirty two point one percent year over year and was fifty three point five percent below 2019. Nationally, inventory also trended downward in July, falling fifteen percent from a year before and dropping fort four percent from July 2019 levels. “Buyers should not expect to see many more homes available for sale on Zillow at any time this year than they do now,” said Nicole Bachaud, Zillow senior economist. “Inventory will decline from here if it follows pre-pandemic trends.”

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