The median sales price for single-family homes was up both in Brookline and Newton in February 2023. Low inventory is creating pressure on prices. However, sellers are now starting to see more offers slightly below asking, homes are staying on the market longer, and the market is showing signs of more activity. We are still seeing some multiple-offer situations at the lower price points in the market.
Both markets are sellers' markets with supply at well below 3 months (Newton single-family home at 1.3 months) both in the categories of single-family homes and condominiums. We would need to see 5-7 months of supply for a balanced, a buyer's market is characterized by 7+ months of supply.
Read more about the February market statistics as well as data on the current market inventory in my March Market Update here.