2020 Market Recap
2020 was a difficult year. We all faced health, economic, and personal challenges that will likely never be seen again in our lifetimes. As we navigate into 2021, we remain dedicated to providing market expertise and a minimum of $2,500 in guaranteed service discounts to support economic recovery and relief for clients.
With the sharp rise of remote work many clients sought out more versatile space to work from home. Extra bedrooms and living areas took a back seat to small nooks or rooms that once served the purpose of nothing more than storage. While many speculated there would be a “run to the suburbs” competition remained high in both urban and rural areas.
Interest rates factored heavily into the ability of consumers to continue competing in the market and drive-up real estate prices. Many buyers now understand paying a premium in terms of home value will still secure long-term savings with historically low interest rates (see the Key Figures section for more data).
Greater Boston rental prices remained resilient, even with the pandemic closing many post-secondary schools and local businesses. While application terms such as reduced broker fees benefited tenants, the overall cost of rent remained stable, with only a 4% decrease seen from 2019 to 2020.
Note: The photo above is from a beautiful 1830 restoration sold to clients in mid-2020.