New England’s Housing Market is Still Running Strong

By Real Estate Experts

|10 min read

With the real estate market’s recent upheaval, many people are wondering whether now is a good time to buy a home. Although market conditions vary by location, in general, prices are lower and there are more homes on the market than there were a few years ago.

To better understand the current New England housing market, FastExpert reached out to Shad Elia of New England Home Buyers, a real estate investment firm based in Massachusetts. Shad has over 20 years of experience in property investments, house flipping, construction, and commercial/residential rentals. 

“It’s looking like buyer traffic is still high in the middle of 2022. Because of this, the demand for new homes will keep rising, causing the market to rise along with this. There is also a shortage of inventory, which means interest rates will keep rising,” Shad explained.

“Although historically speaking, this would cause a decrease in pricing, we are finding that, because finding a lack of supply continues to trend upwards, prices will rise along with it,” he clarified.

Should You Purchase Now or Wait?

For those on the fence about whether to purchase a home in New England now or wait, Shad has this advice: “In any market, purchasing a home is a deeply personal decision. Due to the fact that homes constitute the greatest single investment most individuals will make in their lifetimes, it is essential to be in a good financial position prior to making a purchase.”

So, what does being in a good financial position entail? “Start with a budget and make a commitment to adhere to it. You may still find yourself in a bidding war in today’s market, but this can be risky because it’s tempting to want to win a home at any cost, which could shatter your budget,” he said.

“And with low inventory, some purchasers may make more concessions than they would in a balanced market, resulting in the purchase of an overpriced, unsuitable home.”

The Hottest New England Housing Markets in 2022

According to a recent report by Realtor.com, New England cities are ranking high in terms of where people want to live. Manchester, Vermont, and Portland, Maine are at the top of the list, with Providence, Rhode Island, and Boston, Massachusetts not far behind.

The top 20 cities according to the report are:

  1. Manchester-Nashua, New Hampshire
  2. Burlington-South Burlington, Vermont
  3. Portland-South Portland, Maine
  4. Concord, New Hampshire
  5. La CrosseOnalaska, Wisconsin-Minnesota
  6. Burlington, North Carolina
  7. Rochester, New York
  8. ElkhartGoshen, Indiana
  9. Lafayette-West Lafayette, Indiana
  10. Fort Wayne, Indiana
  11. Columbus, Ohio
  12. Springfield, Massachusetts
  13. Worchester, Massachusetts
  14. Hartford-West Harford-East Hartford, Connecticut
  15. Billings, Montana
  16. NorwichNew London, Connecticut
  17. KingsportBristol, Tennessee-Virginia
  18. New Haven-Milford, Connecticut
  19. Claremont, New Hampshire
  20. Oshkosh-Neenah, Wisconsin

The Bottom Line

The current state of the New England housing market is a mixed bag. On one hand, prices are lower than they were a few years ago and there is more inventory on the market. On the other hand, competition is still fierce, and interest rates are rising. For those considering purchasing a home in New England, it’s important to be in a good financial position and have a budget in mind.

How FastExpert Can Help Find a Home in New England

If you’re thinking of purchasing a home in New England, the first step is finding a real estate agent who knows the ins and outs of the region. At FastExpert, we can connect you with top-rated agents in your area who will guide you through the home-buying process from start to finish.

So, what are you waiting for? Get started with your home search today!

Real Estate Experts

Real Estate Experts

FastExpert is a real estate agent directory that ranks agents by location according to client ratings and past home sales history. Our goal is to give you all the information you need to choose the right real estate agent for your needs. Users can search by specific traits that are important to them as well as see specific addresses of homes agents have sold in the past. Let FastExpert help you find an agent!

You may also be interested in...

What is the Average Real Estate Commission in North Carolina?

Selling a home in North Carolina usually comes with a real estate commission of 5.5%. This is the average… read more

What is the Average Real Estate Commission in New York?

The average commission in New York is 6%, which is above the national average, but still the most co… read more

charlotte NC real estate

7 Reasons to Buy a House in Charlotte, NC

Founded in 1768, Charlotte became a city while King George III controlled the European colonies. Queen Charlo… read more

preapproval and prequalify

What’s the Difference Between Pre-Qualified, Pre-Approved, and Approved?

If you’re in the process of buying a home, you may have heard a lot of new words thrown around. There a… read more