Only one market in the region is balanced says RE/MAX report
The New England housing market remains one of tight inventory and rising prices with buyers facing high competition.
Only Connecticut is a balanced market out of the region’s states, according to a report by RE/MAX INTEGRA which also analyzed most markets across Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
The report looked at pricing, volume, and general trends in residential real estate and luxury markets.
It reveals some key elements of the New England housing market:
- Maine had the highest percentage increase in average sales price for both traditional (10% to $237,295) and luxury properties (13% to $1,709,313). The Portland area is seeing an influx of buyers seeking second homes.
- Massachusetts has the highest average sales price of any New England state ($470,016) with properties in Boston seen as a more affordable investment than in other large cities. Foreign investors are among those active in this market. Vermont had the lowest increase in average sales price of all New England states at 3.25% to $255,024.
- Rhode Island's average luxury sales price dropped 30%, the most in New England. However, its traditional market is holding steady with the average sales price up about 8% and the lowest average days on market in New England at 64 days, down about 13% from this time last year.
"In the current New England real estate landscape, with many buyers losing out on their desired properties due to fierce competition and rising prices, it is imperative that we fully understand the markets and provide our clients with meaningful and actionable insights," said Fiona Petrie, Executive Vice President & Managing Director of U.S. Operations, RE/MAX INTEGRA, New England.
