Taylor Yates | November 3, 2022
Looking back on the Boston real estate market across 2022 is like watching a roller coaster. While it’s not 2006-2008, we’ve seen the real estate market level off a bit.
Let's look at the local markets where the Yates team has had some outstanding sales of incredibly unique properties.
Back Bay is home to stunning homes reminiscent of a time when it was the place to be for the wealthiest members of Boston society. Today, walk through the streets and pass by gorgeous brownstones, quaint apartment buildings, world-class dining, and designer boutiques.
Early and mid-2022 saw Back Bay prices experience strong growth, with two and three-bedroom homes drawing the most price growth of 16.55 and 11.7%, respectively. Back Bay is still considered a seller's market, but properties are taking a little longer to sell, and price growth is plateauing.
Weston is an open, suburban community filled with historic homes dripping in charm. Properties in Weston are selling for 18.3% more than last year, with one-bedroom units having experienced the most price appreciation. However, since June we have seen a more typical equilibrium between buyers and sellers.
The Yates Team proudly helped our client acquire this gorgeous colonial-style home on Chiltern Road. The house was built in 1953 and has been well maintained and tastefully updated. Our client will enjoy their gourmet kitchen, fantastic entertaining spaces, and large tree-lined yard.
Our team was also fortunate to have the opportunity to represent the seller of this iconic Weston home. The 12,000-square-foot home is the perfect blend of traditional and modern. Every room is finished with exquisite detail, including millwork, arched door frames, and wainscotting. This property was a joy to market, and our clients were pleased with their result.
Wellesley is another Boston suburb that has seen an impressive price climb over 2022. Homes here are generally large and have been selling quickly. Despite rising interest rates, the average sale time in 2022 has been even shorter than in 2021. Competition has been fierce.
Early 2022 was a robust real estate market in Newton as the area saw considerable price growth and a lack of inventory available. However, price appreciation began to decline at the end of the year, most likely due to rising interest rates impeding buyers' ability to qualify. As a result, buyers have a little more leverage, however, it's still considered a seller's market.
The Yates Team helped our clients purchase two spectacular homes in Newton. The first property was a modern-transitional designed home with plenty of space for activities, entertainment, and gourmet cooking. Our client loved the spacious rooms and amazing location.
We also represented the buyer of this striking English Tudor home that recently benefitted from a beautiful kitchen and bathroom renovation. The home was move-in ready and perfectly suited our client's wish list.
With 2022 in the rear-view mirror, The Yates Team is excited by what this year has to hold. We are hopeful that inventory levels will pick up and buyers will have more opportunities to find the home of their dreams.
Are you looking to buy or sell a property this year? We'd love to connect and see how we can make your 2023!
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