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South Boston Real Estate Recap: Interest Rates Cause Transaction Numbers to Plummet
By Ginger DeShaney Interest rates are wreaking havoc on the real estate market. In South Boston, real estate transactions in 2022 were down 34 percent from 2021, but at the same time, median prices have increased, said a longtime South Boston realtor. In 2021, there were 933 transactions; in 2022, that number was down to 615, of which 467 were condos. “It’s not shocking given what happened with the interest rates spiking up,” said Jackie Rooney, broker/owner of Rooney Real Estate. “The interest rate is the main culprit.” Sales volume of condos and single-family and multi-family homes is down almost $300 million in 2022, Rooney said, noting that almost 40 percent of that amount came in the fourth quarter. Increasing median prices are a testament [...]