In many communities, inventory is still down, and prices continue to rise. One perfect example of this is in one of Boston's most expensive neighborhoods. Not only is inventory down 10%, but 98% of Weston Homes for Sale are priced over $1Million. Granted Weston is one of Boston's most luxurious suburbs, so it's expected that prices would be higher than many other neighborhoods, but there is only 1 house in Weston under a million out of 60 houses currently on the market. Is this healthy for the Weston housing market, or is it just making it more difficult for new families to move to one of Boston's most desirable suburbs? If you're a seller, it's great thing, but if you are looking to buy in Weston, get ready to pay over a million, and even at that price, you still need to do some renovations.
So what's a buyer to do? Fortunately over the last couple weeks more inventory has been coming on the market in Weston, but all of those homes have been over $1million. If you're set on finding a home in Weston under $1million, you'll just have to be patient and be ready to jump on anything that comes on the market in your price range. Another option would be to expand your search in to border towns like Wayland, Newton, or Wellesely where there is more inventory under a million. All three towns have phenomenal school systems, amenities, and are similar commuting distance to Boston. In housing markets like the current environment, if buyers want something more affordable, the majority of the time it requires they go a few miles farther from Boston, and that may be what buyers need to do if they can't afford Weston.