Greater Boston’s housing supply up more than 110% from last year MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgnet

Boston is tops when it comes to increasing housing inventory. A new report found Greater Boston’s housing supply is up one hundred and thirteen point two percent from last year. It’s the second year in a row Boston was the top market for year-over-year housing inventory percentage increases. According to the latest RE/MAX National Housing Report, in September, Boston had 3.1 months of housing supply, up from 1.5 months in 2022, for a year-over-year increase of one hundred and thirteen point two percent. That 3.1 months is nearly double Wichita, Kansas, which ranked second with a sixty five percent year-over-year increase. Dover, Delaware, came in third with a forty eight point six percent increase, followed by New Orleans at forty four percent and Burlington, Vermont, at thirty nine point one percent.

Some seasonal impacts were seen in September’s numbers. September home sale prices were up seven point five percent from last year but down three percent from August, with a current median home sale price of $649,950. Although prices are up, sales are still down, falling eighteen percent from August and twenty four percent from last year. “We’re seeing some seasonal trends in play,” said Nick Bailey, president and CEO of RE/MAX LLC. “The dip in sales followed typical seasonality, and the increase in inventory on the market was much needed to balance previous low inventory. And that’s good news for buyers who choose to enter the market this fall.”

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