Jamaica Plain Realtors Provide Their Market Outlook for 2023

The biggest question for the real estate market across the country is how will the historic jump in interest rates affect home sales for 2023? 

Several veteran local real estate agents answered that question, and provided their outlook of the JP market. Before diving into numbers, one thing remains true. “Jamaica Plain remains a desirable Boston neighborhood,” said Constance Cervone of Cervone + Deegan and Associates at Coldwell Banker. But the market is shifting due to the economic outlook, interest rates, and COVID remains an issue, said Cervone. 

The big thing to look at, is indeed the effect of the interest rate. Interest rates doubled in 2022, going from the low 3% range in January for a 30-year fixed rate mortgage, and peaking in October to the low 7% range.

Jon Ufland, principal and managing broker at Unlimited Sotheby's International Realty, pauses for a photo at the company's 673 Centre St. office on Sept. 24, 2014.

Prudential Realty Morphs Into Unlimited Sotheby’s International Realty

You may have noticed a big change to the building at the heart of the Centre/South district: Prudential Unlimited Realty is now Unlimited Sotheby's International Realty. The change became official Oct. 1. A new affiliation has been in the works since Prudential sold off its real estate arm more than three years ago. As those agreements expired, real estate companies had to shop for new affiliations.