2021 Q3 Market Overview

This is a trend that is expected to continue here in the local real estate market as well. For the third quarter of 2021, the Cape Cod median sales price increased by 13% YOY to $555,500, while the Greater Boston market saw an 8% increase with a median sales price of $736,500. The South Shore and South Coast suburbs experienced double digit increases of 14% and 13% respectively. The Outer Cape market continues to see the lowest number of new listings with only 84 properties coming to market compared to 514 during the third quarter of 2020. Yet this market brings the highest median sales price of $650,000 across all of Barnstable County. The Boston Proper market has seen an uptick of 11% in pending listings, while its surrounding markets of Cambridge and Somerville remain slightly down by 4% and 2%. The new listing inventory in these urban markets is down for the third quarter, compared to the increase we saw during the first half of the year. This is a typical trend for this time of year as we move back to normal seasonality after the pandemic distribution of 2020. It is anticipated the number of new listings will remain at these levels through the end of 2021. The Boston market has seen some softening in the market for large, high-end single-family homes and properties with small living areas and no outdoor space. This is a common trend across the nation. Buyers continue to look for more space and with many companies offering permanent remote work accommodations, these buyers are being drawn to the suburban and Cape Cod lifestyle. For homes priced over $1,000,000 in Barnstable County the average days on market is down 72% to 50 days compared to this time last year, a significant shift from the past several years.