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Home prices in metro Boston are 14.5 percent higher than last year, report finds

Buying Fall House Hunt
A view of Boston skyline.
Homes in metro Boston are selling 18 days faster than they were at this time last year, according to a report by Realtor.com. David L Ryan/Globe Staff file

SANTA CLARA, Calif. — New data show sellers are slowly getting back into the market, as declines in newly listed homes improved over last week and the total inventory decrease stabilized for the fourth week in a row, according to Realtor.com’s Weekly Housing Report for the week ending Oct. 10. Despite the uptick in available listings, buyer competition remains at an all-time high: Homes sold a full two weeks faster and were listed for $38,000 more than this time last year.

In the Boston metro area, the median list price was up 14.5 percent year over year, inventory was down nearly 30 percent, and homes were selling 18 days faster than they were at this time last year.

In the Providence metro area, the median list price was up 6.6 percent year over year, inventory was down a whopping 52.1 percent, and homes were selling 12 days faster than they were at this time last year.

In metro Worcester, the median list price was up 10.3 percent year over year, inventory was down significantly (51.9 percent), and homes were selling 27 days faster than they were at this time last year.

In the Springfield area, the median list price was up 23.1 percent year over year, inventory was down 43.4 percent, and homes were selling 20 days faster than they were at this time last year.

‘‘Home sales are shaping up for a record-breaking October. There are so many buyers in the market right now that even the slight improvements we’re seeing in inventory could push the number of homes sold this month near mid-2000s levels,’’ said Javier Vivas, director of economic research for the website. ‘‘If sky-high prices continue to lure more sellers into the market, it could prompt the inventory rebound we’ve been waiting for, which would be welcome news for frustrated buyers.’’

As of this week, the total number of homes for sale in the market was down 38 percent compared with last year. However, this week marks the fourth week in a row that the number of homes for sale have stayed even or improved, indicating that inventory declines may be stabilizing. The number of new listings hitting the market was down 5 percent compared with this time last year. This is an improvement over last week, when new listings were down 7 percent.

Homes sold in 52 days, a full two weeks faster than this time last year and a day faster than last week. The rapid turnover of homes for sale reflects the unusually high number of buyers in the housing market this fall, which is fueling fierce competition.

The US median listing price grew 12.2 percent over last year, which was down from last week’s increase of 12.9 percent, marking the first weekly deceleration in price gains since April. Despite the slight slowdown, the median listing price continued to set a new record for listing prices this time of year at just over $350,000. This week also marks the ninth straight week of double-digit growth in listing prices, with the typical home now listing for $38,000 more than this time last year.

Realtor.com tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators including trends in number of searchers on Realtor.com, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic. This week, the index was 111.8, an increase of 1.3 points above last week and 11.8 points stronger than it was pre-COVID.

Here is how all of the cities in the report fared — from how the median price and total listings have changed year over year and the median number of days the properties are taking to sell:

Metro

Median Listing Price YoY

Total Listings YoY

Median Days on Market YoY

Akron, Ohio

6.5%

-51.3%

12 days faster

Albany-Schenectady-Troy, N.Y.

15.0%

-42.6%

18 days faster

Albuquerque, N.M.

16.7%

-51.2%

7 days faster

Allentown-Bethlehem-Easton, Pa.-N.J.

22.3%

-56.7%

35 days faster

Atlanta-Sandy Springs-Roswell, Ga.

12.9%

-46.5%

10 days faster

Augusta-Richmond County, Ga.-S.C.

10.3%

-46.8%

23 days faster

Austin-Round Rock, Texas

15.1%

-45.7%

13 days faster

Bakersfield, Calif.

17.4%

-45.3%

14 days faster

Baltimore-Columbia-Towson, Md.

4.6%

-49.7%

12 days faster

Baton Rouge, La.

12.9%

-37.3%

2 days faster

Birmingham-Hoover, Ala.

3.5%

-36.0%

17 days faster

Boise City, Idaho

16.7%

-71.3%

4 days faster

Boston-Cambridge-Newton, Mass.-N.H.

14.5%

-29.5%

18 days faster

Bridgeport-Stamford-Norwalk, Conn.

1.6%

-24.8%

42 days faster

Buffalo-Cheektowaga-Niagara Falls, N.Y.

7.5%

-46.9%

7 days slower

Cape Coral-Fort Myers, Fla.

13.3%

-36.4%

18 days faster

Charleston-North Charleston, S.C.

16.6%

-42.4%

20 days faster

Charlotte-Concord-Gastonia, N.C.-S.C.

9.1%

-48.5%

15 days faster

Chattanooga, Tenn.-Ga.

12.3%

-52.0%

13 days faster

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

10.3%

-32.7%

8 days faster

Cincinnati, Ohio-Ky.-Ind.

17.0%

-45.6%

11 days faster

Cleveland-Elyria, Ohio

0.5%

-46.8%

16 days faster

Colorado Springs, Colo.

7.1%

-53.2%

11 days faster

Columbia, S.C.

8.8%

-48.3%

19 days faster

Columbus, Ohio

9.0%

-48.1%

12 days faster

Dallas-Fort Worth-Arlington, Texas

5.9%

-46.4%

10 days faster

Dayton, Ohio

17.7%

-45.8%

13 days faster

Deltona-Daytona Beach-Ormond Beach, Fla.

5.7%

-43.3%

22 days faster

Denver-Aurora-Lakewood, Colo.

4.0%

-42.4%

7 days faster

Des Moines-West Des Moines, Iowa

4.8%

-35.8%

9 days faster

Detroit-Warren-Dearborn, Mich

12.1%

-46.6%

7 days faster

Durham-Chapel Hill, N.C.

18.5%

-46.1%

8 days faster

El Paso, Texas

17.9%

-45.8%

13 days faster

Fresno, Calif.

7.4%

-55.1%

18 days faster

Grand Rapids-Wyoming, Mich

8.8%

-48.0%

2 days slower

Greensboro-High Point, N.C.

10.4%

-49.5%

18 days faster

Greenville-Anderson-Mauldin, S.C.

4.7%

-41.5%

9 days faster

Harrisburg-Carlisle, Pa.

9.0%

-52.3%

7 days faster

Hartford-West Hartford-East Hartford, Conn.

7.1%

-32.0%

21 days faster

Houston-The Woodlands-Sugar Land, Texas

7.7%

-32.5%

10 days faster

Indianapolis-Carmel-Anderson, Ind.

7.7%

-47.1%

13 days faster

Jackson, Miss.

17.7%

-47.1%

20 days faster

Jacksonville, Fla.

2.9%

-46.1%

13 days faster

Kansas City, Mo.-Kan.

9.8%

-48.7%

9 days faster

Knoxville, Tenn.

12.3%

-53.8%

13 days faster

Lakeland-Winter Haven, Fla.

7.1%

-29.9%

7 days faster

Las Vegas-Henderson-Paradise, Nev.

8.8%

-8.0%

8 days faster

Little Rock-North Little Rock-Conway, Ark.

19.1%

-49.0%

18 days faster

Los Angeles-Long Beach-Anaheim, Calif.

16.8%

-23.3%

5 days faster

Louisville/Jefferson County, Ky.-Ind.

2.7%

-50.2%

13 days faster

Madison, Wis.

5.0%

-42.3%

9 days faster

McAllen-Edinburg-Mission, Texas

17.4%

-46.4%

30 days faster

Memphis, Tenn.-Miss.-Ark.

12.6%

-48.3%

12 days faster

Miami-Fort Lauderdale-West Palm Beach, Fla.

2.5%

-14.7%

2 days faster

Milwaukee-Waukesha-West Allis, Wis.

6.6%

-39.5%

5 days faster

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

2.9%

-30.1%

7 days faster

Nashville-Davidson–Murfreesboro–Franklin, Tenn.

8.1%

-41.3%

7 days faster

New Haven-Milford, Conn.

8.7%

-22.5%

28 days faster

New Orleans-Metairie, La.

13.3%

-39.5%

7 days faster

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

15.3%

-6.7%

10 days faster

North Port-Sarasota-Bradenton, Fla.

4.2%

-33.3%

24 days faster

Oklahoma City, Okla.

6.3%

-39.7%

8 days faster

Omaha-Council Bluffs, Neb.-Iowa

6.0%

-47.5%

8 days slower

Orlando-Kissimmee-Sanford, Fla.

1.6%

-20.1%

4 days faster

Oxnard-Thousand Oaks-Ventura, Calif.

7.6%

-39.6%

16 days faster

Palm Bay-Melbourne-Titusville, Fla.

6.7%

-42.2%

8 days faster

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

17.0%

-40.9%

13 days faster

Phoenix-Mesa-Scottsdale, Ariz.

7.7%

-40.3%

7 days faster

Pittsburgh, Pa.

23.1%

-35.9%

10 days faster

Portland-South Portland, Maine

10.4%

-47.2%

33 days faster

Portland-Vancouver-Hillsboro, Ore.-Wash.

6.4%

-43.4%

4 days faster

Providence-Warwick, R.I.-Mass.

6.6%

-52.1%

12 days faster

Raleigh, N.C.

6.9%

-45.3%

12 days faster

Richmond, Va.

11.2%

-46.3%

9 days faster

Riverside-San Bernardino-Ontario, Calif.

14.7%

-53.7%

13 days faster

Rochester, N.Y.

10.2%

-44.1%

15 days faster

Sacramento–Roseville–Arden-Arcade, Calif.

12.7%

-49.0%

14 days faster

Salt Lake City, Utah

18.4%

-51.7%

8 days faster

San Antonio-New Braunfels, Texas

4.1%

-40.5%

10 days faster

San Diego-Carlsbad, Calif.

12.0%

-25.3%

26 days faster

San Francisco-Oakland-Hayward, Calif.

11.0%

-4.2%

No change

San Jose-Sunnyvale-Santa Clara, Calif.

7.2%

-17.9%

10 days faster

Scranton–Wilkes-Barre–Hazleton, Pa.

23.1%

-55.0%

30 days faster

Seattle-Tacoma-Bellevue, Wash.

6.8%

-30.6%

14 days faster

Spokane-Spokane Valley, Wash.

11.6%

-48.9%

7 days faster

Springfield, Mass.

23.1%

-43.4%

20 days faster

St. Louis, Mo.-Ill.

10.7%

-38.2%

10 days faster

Stockton-Lodi, Calif.

10.6%

-63.0%

6 days faster

Syracuse, N.Y.

8.1%

-43.5%

7 days faster

Tampa-St. Petersburg-Clearwater, Fla.

10.4%

-42.5%

12 days faster

Toledo, Ohio

12.5%

-39.7%

10 days faster

Tucson, Ariz.

7.8%

-41.1%

9 days faster

Tulsa, Okla.

12.0%

-40.0%

10 days faster

Urban Honolulu, Hawaii

-11.4%

24.4%

3 days slower

Virginia Beach-Norfolk-Newport News, Va.-N.C.

8.4%

-46.7%

22 days faster

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

7.3%

-34.9%

7 days faster

Wichita, Kan.

9.6%

-42.6%

11 days faster

Winston-Salem, N.C.

9.8%

-50.8%

13 days faster

Worcester, Mass.-Conn.

10.3%

-51.9%

27 days faster

Youngstown-Warren-Boardman, Ohio-Pa.

8.4%

-53.6%

17 days faster

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