LENOX, Mass. - High demand and a lack of inventory continues to be the trend in Berkshire County's real estate market.

What You Need To Know

  • A lack of inventory continues to be the real estate trend in Massachusetts and Berkshire County

  • The year-to-date median single family home price in Berkshire County is $449,000
  • There are less than 900 homes on the market in Berkshire County, according to Realtor.com
  • One local Realtor said her message is not to lose hope while looking for a home

“This property is offered at $1,795,000,” said local Realtor Paula McLean, touring a home for sale in Lenox.

McLean has more than 40 years of experience in the Berkshires. She said the biggest problem locally is a lack of inventory, with less than 900 homes listed for sale in the county, according to Realtor.com.

“I don't think you need to be a millionaire to live in the Berkshires or Lenox, particularly," McLean said. "I think you need to desire to be here. We can accommodate all price ranges. It's just a little bit more difficult now because there isn't enough homes for the demand.”

McClean said current interest rates for a mortgage don’t seem to be keeping people from putting in an offer on a property.

“I think people were expecting that we would see a downturn in the market based on the accelerated interest rates and rising rates.," McLean said. "I think they also predicted that there would be a decline in values, and we haven't seen any of that.”

The most recent median listing home price in Berkshire County according to Realtor.com is $449,000. In Lenox, it’s $797,000.

McLean said while she hasn’t seen interest rates keep people from buying, she has seen some people hesitant to sell. The interest rate they got years ago will be higher when they find a new home now.

“So, we've experienced a time when interest rates were incredibly low, 2.5, 3%," McLean said. "People who refinanced their homes during that period of time are very reluctant to walk away from that rate now, because if they go to get a new mortgage, they're going to be paying, 6-7% now.”

And while the market is competitive for current buyers, McLean said her message is to not lose hope if you’re looking for a home.

“Don't give up," she said. "Just keep trying. Get a great agent, find someone that you're confident with, someone that you have good rapport with. It's your ambassador in buying and selling. There's lots of good agents in Berkshire County.”