Axios Boston

December 05, 2022
It's Monday. More importantly, it's Repeal Day, a celebration of the 21st Amendment and the end of prohibition in 1933.
Today's weather: Mostly sunny, high around 49°.
Today's newsletter is 625 words — a 2.5-minute read.
1 big thing: Interest rates cool down Boston's hot housing market
Illustration: Brendan Lynch/Axios
The tight housing market is beginning to slacken, if only slightly.
Driving the news: Realtor RE/MAX's October report showed 30.7% fewer closings around the country than in the same time period in 2021, with 36.8% more homes on the market.
- The average home took 35 days to sell, nearly a week longer than last year.
- Every month of 2022 has seen fewer home sales than in 2021, according to RE/MAX.
Zoom in: Data from the Massachusetts Association of Realtors shows the Boston area going along with the national trend.
- The median sale price of a single-family home in Massachusetts dropped over 4% to $547,000 in October compared to September.
- New listings are down nearly 19% in Massachusetts, and closed sales went down nearly 18% for single-family homes since September.
Why it matters: A cooling housing market means consumers have more choice and can explore multiple homes instead of being rushed to close on one of a few available ones.
- Higher interest rates are partly responsible for the softening market.
What they're saying: "The historic pace and magnitude of interest rate increases have created a reset and softened the housing landscape as intended," said RE/MAX president Nick Bailey in a statement accompanying the report.
- Bailey said most buyers are more concerned with affording a down payment and a monthly mortgage than they are with climbing interest rates.
The big picture: The state's lack of housing inventory is what causes sky-high prices and is still the most daunting problem for those looking to buy their first home.
2. With exceptions, Boston home prices falling

The average sale price for a home in greater Boston is trending downward, but lower costs aren't uniform across the area, according to data provided to Axios from Zillow.
- Peabody has seen the area's biggest dip in home prices with a 2.4% decline.
- North Reading prices were down 2.2%.
Yes, but: Some areas bucked the trend.
- Homes in Needham jumped up 3.1% while neighboring towns like Dover and Wellesley saw increases over 1%.
- Crossing the state line into New Hampshire, prices continued to climb. Newton, N.H., saw prices increase 2.1% while Durham was up 3.8%.
3. 🔙 Back that Mass. Up: News from around the commonwealth
Illustration: Brendan Lynch/Axios
⚖️ Former Natick town official Suzanne Ianni will serve 15 days in jail for participating in the Jan. 6 insurrection attempt at the U.S. Capitol. (WBUR)
🍽 Eastern Standard plans to return as part of the upcoming Fenway Center development. (Restaurant Talk)
🏥 A barrage of threats and hoax bomb threats at Boston Children's Hospital over transgender health care have made it harder for hospital workers to do their jobs. (Globe)
4. Depressing Zillows of the Week
Illustration: Brendan Lynch/Axios
Here's a bargain house near Inman Square in Cambridge.
- It's got everything: plenty of natural light from all the holes in the roof, a breezeway where the back wall used to be and a unique split-level design because half the house collapsed.
- And it's only $1.8 million. A steal!
Yes, but: Realtor William Senné says the building will be removed and the 4,360-square-foot lot could fit up to four new units for a developer looking for a good location.
Be smart: Prices like this for tear-downs aren't even that uncommon. The six-bedroom firetrap at 127 Western Ave. in Cambridge, also listed by Senné, sold recently for $2.3 million for some lucky developer to renovate or demolish.
Is a new job in your future?
💼 Check out who’s hiring around the city.
- Production Associate - Entry Para-Professional at Schneider Electric.
- Deaf Communications Access Specialist - Per Diem at Boston Medical.
- Communications and Development Specialist at Roca Inc.
Want more opportunities? Check out our Job Board.
Hiring? Post a job.
5. ❄️ 1 wintery drink to go
For the Dunkin’ iced coffee haters. Photo courtesy of Nicole Melich
Time Out Market's vendors start selling seasonal items today, from holiday-themed gelato to the chocolate and peppermint-bark adorned drink pictured above.
- The hot peppermint white chocolate mocha from Say Coffee Co. and several other items will be available through Jan. 5.
Steph's thought bubble: Some of you might want to skate in the ice rink at 401 Park while you're at the market, which is celebrating the rink's return 7pm-9pm on Dec. 7.
- Personally, I prefer to stay inside with an espresso drink when the cold sets in.
Deehan saw The Menu and really enjoyed it.
Steph wants to know who had his pet rat on the bus by Jackson Square.
This newsletter was edited by Fadel Allassan and copy edited by James Farrell.
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