Boston, MA home prices and housing market

Boston's housing market has gone quiet, and the clearest sign is that the typical home value, about nine hundred eighty-seven thousand dollars, has barely moved, up just 0.6 percent over the past year. Sellers, though, have not fully adjusted. The median asking price is about $1.32 million, well above what homes are actually worth, and that gap helps explain why the median listing is sitting 55 days before going under contract. There are nearly 900 homes for sale right now, with only about 240 new listings coming on, so buyers have some choices but not a flood. About 14 percent of listings have taken a price cut, which tells you overpricing still gets punished here, just slowly rather than all at once. The takeaway: this is a patient market. If you price at the market, you can sell in a reasonable time. If you price above it, plan on two months of waiting and a cut before you find your buyer.