Market Report KG Year end 2020R4sm - Flipbook - Page 18
SOUTH COAST & SOUTH SHORE
Year in Review
While the South Shore and South
Coast have historically appealed to
many home buyers, their popularity
greatly expanded in 2020. In these
areas, we saw a number of buyer
• Many buyers sought more open
space, privacy, a slower paced
lifestyle and refuge from their
• A large amount of traditional,
summer-only residents realized they
could work from home and so they
shifted their permanent residence to
these areas. This shift spared them the commute and the potential risk of exposure in more
• Some upgraded to larger, more year-round style homes while enjoying the benefits of
• Many also realized that destination travel wasn’t possible for the near future, so they
invested in secondary homes in nearby coastal communities. This allowed them to
periodically escape the city, investing in real estate and potentially using them as vacation
rentals and a source of cash flow.
As these buying trends continued throughout the year, the supply of South Shore and South
Coast housing inventory dwindled. By 2020 year’s end, inventories of available properties fell
by as much as 79% over the close of 2019. In some towns, the number of properties available
were down to as little as 4 single family homes.
Heading into 2021, demand for housing on the South Shore and South Coast is expected to
remain high while inventory will be limited for the foreseeable future. This is in part due to:
The ongoing health risk associated with living in urban areas full time.
Favorable geographic positioning and proximity to Boston, Providence and the suburbs.
The natural beauty of the area’s many towns and villages.
The area’s amenities such as open spaces, beaches, hiking trails, golf courses, etc.
Low interest rates making it easier for buyers to secure financing.
Additionally, home prices are expected to continue to rise as homeowners place greater
value on their residences and demand outpaces supply. With this in mind, investing in the
communities on the South Shore and South Coast will continue to be wise in 2021.
Kinlin Grover Real Estate