2020 vs. 2021 Trends for the South Shore Real Estate Market
In the past year, the national real estate market has experienced unprecedented conditions that even the most seasoned professionals didn't predict. Our local market here on the South Shore mirrored many of the national trends such as shortened sale cycles and an increase in price.
Our average days on market for South Shore homes decreased from 43 in 2020 down to 28 in 2021.
Our average sale price increased by 17%.
Surprisingly, there was not a drastic change in units sold on the South Shore. In 2020, 6468 homes were sold vs. 6471 in 2021.
So, what does this all mean for 2022 and the upcoming spring season?
Many experts are predicting that while conditions will remain strong, 2022 will not exceed what we experienced in 2021. In addition, mortgage rates are expected to rise slightly. If more inventory hits the market, multiple offers and intense competition could ease slightly, bringing the market more in balance.
As inventory hits the market, you must be prepared to buy when you find that “right" home. Home prices will remain high and in most cases will sell for more than you might expect. Make sure you are pre-qualified. By doing so, you will know what you can afford and you will be able to act fast when making an offer. Hire a real estate professional who understands your goals and who acts as your sole representative throughout the process.
It’s never too early to start the process. Simple tasks and updates can help increase the value of your home. Understand what they are for your property and tackle them now. If you want to sell but don’t have a place to go, seek the advice of your real estate professional. They can offer advice on next steps, as well as prepare a list of things you can do to get the highest price possible for your home.
Our top real estate agents are hyperlocal with in-depth knowledge of the South Shore real estate market. Our goal is to make sure you achieve the best possible outcome in your real estate transaction.
When you are ready to buy, click below to start your home search with us.
When you are planning to sell, reach out today or click below to answer a few simple questions about your home. We will reach out right away with detailed information about your home's value in today's South Shore market.