Brookline Real Estate Market Forecast 2023

Brookline Real Estate Market Forecast 2023

  • Irina Podolsky
  • 11/13/22

Brookline, Massachusetts is known for its booming real estate market. However, after a hot seller's market and lots of buyer interest earlier this year, the market is starting to cool off. Housing sales are normalizing, which is good news for buyers who are looking to invest in the area. The luxurious homes and high-class lifestyle that Brookline real estate offers are still very appealing, and the market is sure to rebound soon. In the meantime, buyers who are looking to purchase a property in Brookline will find that now is a great time to do so. Prices are reasonable, and there is a good selection of homes on the market. With a little patience and timing, buyers can find their perfect home in this desirable community.

As we all know, the real estate market is constantly changing. What was popular last year may not be so popular this year, and what's in demand now may not be in demand in a few years' time. That's why it's crucial to stay up-to-date on the latest trends, so you can make wise decisions when buying or selling property. Local real estate expert Irina Podolsky has her finger on the pulse of Brookline's market. So if you're thinking of dipping your toes in within the next year, here's what you need to know:

Keep an eye on the suburbs

In the coming year, homebuyers are predicted to continue to favor the suburbs. Suburban neighborhoods are expected to experience a surge in purchasing activity, particularly from buyers looking to purchase second homes. While the median home price for single-family homes in Brookline was $800,000 in September 2022 and $905,000 year-to-date, it is in the $500,000–600,000 range in Weymouth and Quincy. As a result, we could start to see bidding wars breaking out all over.

Continue pushing for Boston

Those looking for neighborhoods with less competition may find solace in the Boston city center. There will be fewer buyers contending for individual units due to a growing inventory and the increased density provided by larger condo buildings. Buyers will have more significant opportunities to enter new construction projects at an early stage where they have some power. But is the wait worth it? Our experts say it could be. We recommend our clients wait it out if they don't need to buy or sell right away, especially those who are relocating from the city to the suburbs.

In the end, listing prices have yet to catch up to current interest rates. However, better chances are anticipated for buyers once these factors even out, especially in some of the local suburban neighborhoods.

What to expect for renting

Average rents for one-bedroom apartments have increased over the last year. For tenants who aren't on the typical September 1st cycle, the future is finally beginning to look a little bit brighter.
We observed a substantial increase in the number of new rental units this month since many owners increased the rate and had renters who refused to pay, so now isn’t a bad time to rent.

Looking at particular neighborhoods

Over the past few years, many Massachusetts neighborhoods have experienced significant growth. According to the development pipeline, which shows a lot of commercial and retail activity going on, this trend is expected to continue. Additionally, classic Boston, MA real estate hotspots like South End, Back Bay, and Beacon Hill, as well as stronghold communities like South Boston, will likely continue to be in high demand from purchasers. Luxury real estate buyers aren't as impacted by interest rates, so markets with more elevated price points will continue to see plenty of activity.

Demand and supply

One in five home sellers lowered their asking price in August 2022, suggesting the entire housing market is cooling as supply and demand balance out. Housing inventory has surged in comparison to 2021. However, though the inventory is high relative to a year ago, it is still low historically speaking.

Eco-friendly housing

Another trend that is expected to have an impact on Brookline's real estate market is the growing preference for energy-efficient homes. With concerns about climate change at an all-time high, more buyers are looking for homes that have been built with sustainability in mind. From solar panels to energy-efficient appliances, features that help reduce a home's carbon footprint are becoming increasingly important to buyers.

Cutting-edge technologies

Brookline's luxury housing market is expected to see a massive increase in smart home technology throughout 2023. These homes offer the latest technology and amenities and are becoming increasingly popular with affluent buyers. Luxury smart homes typically feature state-of-the-art security systems, automated lighting and temperature control, and high-end appliances. They are also often equipped with home entertainment systems, and other advanced features that increase the desirability of potential buyers as more and more people seek to live in comfort and convenience. One popular feature we are beginning to see a lot of is state-of-the-art security systems, which include everything from motion sensors to CCTV cameras and provide homeowners with complete peace of mind.

Final advice

Seasonal fluctuations over the coming year are anticipated to match typical patterns across Boston, and both buyers and sellers should be aware of this. Sales are still expected to slow around significant holidays, with late winter through spring being the best season for buying and selling luxury property in Brookline.

Ultimately, each real estate transaction is unique. Buyers and sellers should work with a licensed real estate agent to determine the best time to list or purchase a luxury property in Brookline. If you're considering getting into the real estate market in 2023, then keep these trends in mind. With some planning, you can position yourself ahead of the competition and scoop up your dream home before everyone else catches on.

If you're ready to take the plunge into the luxurious Brookline real estate market, Irina Podolsky is the professional realtor you want on your side. Irina will help you find the perfect property to fit your needs using years of experience and intimate knowledge of the area. Whether you're looking for a sprawling estate or a more modest home, she guarantees the perfect match for you and your lifestyle. Contact Irina today!

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