Nationally, home prices are still rising at their fastest annual rate in 45 years, but a slowdown is expected in the near future.
According to the most recent data from the S&P CoreLogic Case-Shiller Index, one of the leading housing market trackers, prices in the Boston MA Metropolitan Division increased 1.8 percent from May to June. Prices increased by 18% in June 2021 compared to June 2020.
Prices in the Boston MA Metropolitan Division’s bottom third of the market — those priced under $495,000, often referred to as starter homes — increased 16.8 percent year over year. The top third of the market (homes priced over $700,000) increased by 17.5 percent.
According to CoreLogic data, national home prices increased 1.8 percent from June to July 2021. Prices increased 18 percent year on year from July 2020 to July 2021, the largest increase in 45 years.
Prices for single-family homes increased by 19.7 percent in the last year, while prices for attached properties such as condominiums increased by 11.6 percent.
Prices are projected to slow to 2.7 percent growth by July 2022 as more buyers are priced out of the market.
Norfolk County is part of the Boston MA Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.