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Old 02-23-2023, 09:46 PM
 
5,016 posts, read 3,931,390 times
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https://www.bostonmagazine.com/prope...ce-chart-2023/

My initial observation is that YoY growth post-covid is far less predictable than it once was. Towns near and far, and in all directions saw varying degrees of value increase.

Another notable is that there are now 22 towns in Greater Boston with median home values >$1M. Insane.

I don’t know what the future holds, but with even a slight drop in mortgage rates, it seems demand is back heading into the spring market. And in many cases, it never left.
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Old 02-24-2023, 05:07 AM
 
3,648 posts, read 1,871,267 times
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Lots of multi millionaires and lots of highly leveraged folks living in this state. Those who want a decent home but aren't multi millionaires or don't want to load on excessive debt are officially SOL at these price points!
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Old 02-24-2023, 09:03 AM
 
852 posts, read 559,356 times
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Even Lynn, Haverhill etc are above 500k now.
I wonder how the lower middle class afford it.
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Old 02-24-2023, 09:23 AM
 
18,735 posts, read 33,419,471 times
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^^^
Maybe by selling existing property, like a condo. The same way people in other areas afford it.
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Old 02-24-2023, 10:42 AM
 
Location: Camberville
15,867 posts, read 21,460,959 times
Reputation: 28216
Quote:
Originally Posted by MtPleasantDream View Post
Even Lynn, Haverhill etc are above 500k now.
I wonder how the lower middle class afford it.
You need to make $166,514 to afford a 450K mortgage - solidly more than lower middle class. Obviously there are homes less than 500K in Haverhill and Lynn, but the competition for those are fierce.

Hell, I make more than that and am looking in Lynn and Brockton because I want a decent sized kitchen, driveway, at least 1.5 baths, and an office space with a door in addition to a 2nd bedroom that might not be updated but is in decent enough shape to not need to immediately remodel (especially since I have 0 skills and not much time!). Nothing crazy, and yet priced out of most of eastern Mass.
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Old 02-24-2023, 10:45 AM
 
90 posts, read 53,020 times
Reputation: 88
The 3-3.5% increase in interest rates has put a significant # of people on the sideline in this town. I don't think the demand will ever go back to what it was in 2021 and the early part of last year. I got rejected from putting plus $100k on a property in freaking Tewksbury. I don't think you will see this again,,, not with these rates.
People who got the downpayment cash, and those who make good money for this town (estimate of >$400k) don't have any issues with that pricing or rates.
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Old 02-24-2023, 10:46 AM
 
90 posts, read 53,020 times
Reputation: 88
Quote:
Originally Posted by MtPleasantDream View Post
Even Lynn, Haverhill etc are above 500k now.
I wonder how the lower middle class afford it.
We basically continue to rent and there is nothing wrong with that
Very happy paying $3600 in the Belmont/Lex area for my 3bd/2ba apartment.
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Old 02-24-2023, 10:56 AM
 
Location: Suburban Boston Lifer
181 posts, read 125,343 times
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people who got/refinanced a mortgage inside of 495 prior to 2022 are playing a totally different game of life.

i think it will take a very long and deep recession to shake these people out of their homes.
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Old 02-24-2023, 01:34 PM
 
1,544 posts, read 1,130,921 times
Reputation: 740
Quote:
Originally Posted by bricka View Post
i think it will take a very long and deep recession to shake these people out of their homes.
The irony is that when this recession hits, there will not be many places better than here in the U.S. for these homeowners to go if they need employment.
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Old 02-24-2023, 01:37 PM
 
3,648 posts, read 1,871,267 times
Reputation: 1518
Quote:
Originally Posted by charolastra00 View Post
You need to make $166,514 to afford a 450K mortgage - solidly more than lower middle class. Obviously there are homes less than 500K in Haverhill and Lynn, but the competition for those are fierce.

Hell, I make more than that and am looking in Lynn and Brockton because I want a decent sized kitchen, driveway, at least 1.5 baths, and an office space with a door in addition to a 2nd bedroom that might not be updated but is in decent enough shape to not need to immediately remodel (especially since I have 0 skills and not much time!). Nothing crazy, and yet priced out of most of eastern Mass.
Depending on one's debt to income, I don't think you'd need $166K to afford a $450K. With $166k/yr income one could afford closer to a $600K (assuming they had at least 20% down). But all in all yeah, it's pretty terrible that you have to always make sure to maintain that income level if you wish to become and remain a homeowner in MA. Not a great way to live....which is why we see all these articles out recently about folks looking for a better life outside the bay state.
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