The Greater Boston Association of Realtors has released the local market updates for March 2016 and judging from the high number of inventory available in the Newton area, it’s a buyer’s market.
The median price of a single-family home sold in March hit a high of $1,125,000 a 7 percent increase over the same time last year. That figure was down slightly from February, suggesting that prices may be moderating.
The median condominium price also saw a significant decrease; still, buyers looking for affordable housing continue to push their search outside the more expensive urban cores.
The numbers of homes sold decreased a whopping 37 percent, while the number of homes for sale remained almost the same. For the market to remain healthy, more people need to make the decision to purchase a home.