In Revere, Massachusetts, a Suffolk County city that borders East Boston to the north, homebuyers experienced declining inventory and rising home prices during March 2022 and the first quarter. The following are seven things for homebuyers to know about the Revere real estate market.
1. Single-family home sales declined 29 percent in March to 10 sales compared to 14 houses sold in March 2021. Sales fell 16 percent during the first quarter, slipping from 37 sales in March 2021 to 31 closed transactions in March 2022.
2. The median price of a single-family home rose about 1 percent in March and 6 percent during the first three months of 2022. The median price rose from $545,000 in March 2021 to $552,500 in March 2022. During the first quarter, the median home price reached $560,000 compared to $530,000 in Q1 2021.
3. Single-family inventory plunged 72 percent in March to five homes on the market from 18 in March 2021. The months of supply dropped 70 percent from 1.0 to 0.3 months of available houses. About six months of inventory is considered a balanced market between home sellers and buyers.
4. Homebuyers paid, on average, 105.2 percent of the original list price in March and 101.7 percent of the original list price during the first quarter for single-family homes.
5. In March, condominium sales declined 31 percent, from 16 units sold in March 2021 to 11, and fell 19 percent during the first three months of 2022, from 37 closed transactions to 31.
6. The median condo price was $455,000 in March, down 5 percent from $476,500 in March 2021. In Q1, condo prices rose 7 percent to $450,000.
7. The number of condominiums for sale decreased 38 percent in March to 13 from 21 units in March 2021. The months of supply dropped 44 percent from 1.8 to 1.0 months of available units.