Is the Boston Property Market a Buyers’ or Sellers’ Market?
Are you a Boston
homeowner considering a move in the next six to twelve months? Perhaps you're a
buy-to-let landlord weighing up whether to expand or streamline your portfolio?
Or maybe you’re a first-time buyer wondering if now is the right moment to take
the plunge?
Whatever your
position, knowing whether the Boston market is currently favouring buyers or
sellers will help you make informed decisions.
For those who
regularly follow my Boston property market updates, you'll know that the best
way to measure whether we are in a buyers', balanced, or sellers' market is to
analyse the proportion of properties marked as "Sold STC" or
"Under Offer" compared to the total number of properties on the market.
For instance,
if there are 300 Boston properties on the market, of which 100 properties are sold
stc/under offer and 200 available properties, 100 as a percentage of 300, equates
to 33.3%.
This percentage
figure acts as a barometer for market conditions and can be analysed using this
table:
·
Extreme Buyers' Market (0%-20%)
·
Buyers' Market (21%-29%)
·
Balanced Market (30%-40%)
·
Sellers' Market (41%-49%)
·
Hot Sellers' Market (50%-59%)
·
Extreme Sellers' Market (60%+)
How Does Boston Compare?
Looking at historical
data from the website, The Advisory, which has tracked this metric for years,
we can observe some key trends for each February. (For this exercise, Boston is
PE21).
·
In the years before the pandemic (2018/19/20), Boston’s market hovered
between 27% and 32% (remember the pandemic started in March 2020).
·
Demand rebounded post pandemic sharply in the summer of 2020, and
continued into 2021 and 2022. In February 2021, the percentage had risen to 54%
and in February 2022, it was at 71%.
·
However, with the fallout of the Liz Truss
and Kwasi Kwarteng budget in late 2022, by the time we got to February
2023, it had settled down to 35%. By February 2024, the figure had risen slightly
to 36%.
·
Now, in February 2025, we see the figure sitting at 38%.
For sellers: We
are now in a Boston property market where patience and strategy are essential.
Buyers have more choice (as I have spoken about many times recently in my Boston
property market blog posts), meaning sellers must focus on pricing
realistically and ensuring their home stands out. Overpricing will lead to
extended time on the market (which seriously cuts down your chances of both
selling and eventually getting your sale to exchange and completion).
That being
said, well-presented and appropriately priced Boston homes continue to attract
solid interest. With mortgage rates stabilising, there is confidence among
buyers—but they are taking their time to make decisions. A proactive marketing
approach, including virtual tours, strong photography, and digital exposure,
will be key to securing a sale in a reasonable timeframe.
For Boston buyers:
Those in the market for a Boston property in 2025 will find they have a little
more breathing space compared to the frenzied activity of 2021/22. While
desirable properties still attract competition, there are opportunities to
negotiate on price or secure favourable terms, particularly on homes that have
been on the market for a while.
I cannot stress
the importance for any buyer to get your mortgage pre-approved before you start
offering, as it seriously strengthens your position when making an offer. Also,
consider broadening your search slightly—sometimes the best value can be found
just outside the most sought-after areas.
With a new
Government settling in and wider economic factors at play, there is much to
consider for those looking to buy or sell in Boston this year. The property
market remains resilient, but expectations need to be adjusted to this more stable,
‘normal’ environment.
Are you
planning to move in 2025? What are your thoughts on how the Boston property
market will evolve? I’d love to hear your insights.
