The housing market in the Greater Boston area is hot right now, and lots of families are moving into their dream homes. If you’re one of them, or if you’re considering a move soon, you’re probably wondering what to expect from the market as a whole. In this post, we’ll break down a few of the trends impacting the Massachusetts real estate market right now, and what you can expect in the future. Home Sales are up Nationwide, the housing market has been a bright spot in an otherwise stormy economy. According to the National Association of Realtors, the United States closed 2020 with a 3% increase in home sales and a 6% increase in prices compared to 2019. In Massachusetts, though, the prices have risen even faster. The median price of a single-family home in the state has climbed 11.3%, with price tags currently sitting around $455,000, and sales are up 1.5% from last year. Looking forward to 2021, real estate experts and economists predict another strong year. As the vaccine rolls out and COVID-19 infection rates begin to stabilize, experts are predicting that people who delayed selling their homes in 2020 will list them, leading to an influx of stock on the market. Interest Rates are Still low The Fed lowered interest rates repeatedly in 2020, cutting them all the way to 0% in March to boost a limping economy. And while rates may increase slightly in 2020, experts are predicting they’ll remain at historic lows. This makes homes more affordable and helps borrowers get better mortgage rates for the lifespan of their loans. Currently, economists are predicting that the average 30-year fixed-rate mortgage will come in at just over 3% interest. Home Prices are Climbing Homes are selling at a faster pace than virtually ever before – almost two weeks faster than 2020. The reason? There just aren’t enough homes out there for everyone who wants to buy one. And experts predict this trend will continue throughout 2021. According to Danielle Hale, Chief Economist at Realtor.com, the housing market is likely to see price increases of about 5.7% in 2021, both nationally and in the Boston area, specifically. Fortunately, the volume is also projected to increase about 5.4% in Massachusetts, which means more available homes for interested buyers. What’s more, 2021 may usher in the return of “seasonality,” with strong buying pushes in the spring and summer, and a general wind-down during the colder seasons. What Buyers Want is Changing In the wake of the COVID-19 pandemic, the things buyers look for in homes have shifted. With people working from home and spending more time together as a family, buyers have begun to seek out larger homes, with ample office and outdoor space. That trend may see people moving out of densely-populated urban areas and into suburban neighborhoods with plenty of space to spread out. Still, inventory in downtown Boston remains in-demand. As people move into suburban areas, the prices in areas like South End and Back Bay are coming down slightly, making these highly attractive neighborhoods more accessible to interested buyers. Preparing for Your Move 2020 was an unprecedented year full of events none of us could have anticipated. With the COVID-19 vaccine on the horizon, though, it seems like the end to this pandemic is in sight, although still months off, and 2021 is full of promise. If you’re moving in the New Year, it’s smart to start planning early. Whether you’ve found your dream home or not, the real estate industry is hot, and local moving companies are booking up fast. Luckily, the team here at Gallo is here to help. Offering professional local moving services and assistance for residential and commercial customers in Milford, Franklin, Hopkinton, and beyond, our team can provide the education, resources, supplies, and assistance you need to relocate in style. Learn more about our team. Contact us today or download our free moving app to get your safe, digital estimate now.