Buying a house in Boston offers opportunities but faces challenges due to rising prices, limited inventory, and high demand. Pros include strong economic growth, diverse neighborhoods, and stable rental markets. However, affordability remains a concern, and competition is intense.

The Boston real estate market is experiencing a seller’s market driven by low inventory and high demand. In Q2 2023, median home prices rose 8.5% year-over-year to $825,000, per the Greater Boston Association of Realtors. Inventory stood at 1.8 months in June 2023, indicating a 4.7-month supply, far below the six-month equilibrium. Foreign buyers contributed 12% of purchases in 2022, with Canada and China leading investments, per the National Association of Realtors. Remote work post-pandemic boosted demand for suburban and郊外 homes, particularly in Newton and Brookline. However, wage growth lagged behind price increases, with median household income at $98,000 in 2022, below the 20% markup required for a median-priced home. First-time buyers face hurdles, as 72% needed a mortgage with a 20% down payment, averaging $165,000. While Boston’s economy and infrastructure attract buyers, affordability constraints and limited supply currently dominate the market outlook.