Boston has always been a hot spot for real estate deals. With a rich variety of culture and an even wider ethnic background, the housing market is always a buzz with activity. Being one of the larger economies in entire East Coast, the residents of the city are on a constant shift to better localities within the region making it an exciting place to invest.
A consolidated report on Boston real estate trends have been released by leading portals. The figures are quiet impressive which includes four Boston neighborhoods that has been shortlisted among the first ten hottest places to invest in real estate market.
Cambridge’s Inman Square, The Brighton-Allston area, Spring Hill in Somerville and Cambridge port got No.1, No.3, No.6 and No.10 spots respectively.
One of the specialties of these four metro areas is that they attract investors with extensive job market including high wage jobs in finance, pharmaceutical and tech sectors. This kind of high demand competition happens when shortage of supply in homes fell into the attention of people with high-income.
The interior of Boston has been selling hot according to a report released by Acquire Real Estate and Hanover-based Linchris Hotel Corp recently. When compared to the same period last year, an average price per square feet in Boston has decreased up to 47.4% resulting in $309.
Based on 15 home sales, the median sales price for homes in Boston MA was $369,000 as of Oct 15 to Jan 16. A significant downfall in the home sales has occurred this year upon considering the median home sales prices of 2015 and now. It is estimated that the median home sales price has decreased 28% which can be equated to the fall of $143,500. Eventually, the number of home sales has decreased to 94%.
Inventory remains to be a consistent problem in Boston, though the real estate market is strong enough. Last year-end reports suggest a substantial decrease in inventory. By that time, though the sales were at top notch, only 14% for single-family homes and 17% for attached condominiums and townhouses were closed. Therefore, we saw the increase in median sales price up to 2% and 9.8% for single family and attached family respectively.
Among the various fluctuations in Boston real estate market, the Greater Boston stands out as an exception. In fact, it has attained a level of stability attracting buyers to a great extent. As a result, Greater Boston carries the interest of hot real estate investors. Obviously, the real estate demand here has increased, which, however require careful planning and negotiation skills to crack down any deal.
Economic recession has led to drastic fall in the house prices and a recent report Thursday from Standard & Poor’s state that, the value of homes will increase 24% only by 2020.
On hearing the information, the Wall Street agency has started to sneak through other areas of the US to seek any considerate increase in house prices. It is said that, they have sent a special group to research 48 markets around US.
Boston, however takes its own place to be classified under one of the lowest-risk areas in real estate market at this point of time. A wide scope of business markets and other economic industries hold Boston safe from severe economic recession that are cracking real estate markets of other areas in the US.
With the arrival of young Boston Realtors and students, the Boston real estate market looks steadier now. Even though it is one of the oldest cities in the US with a rich heritage, the modern face of Boston realty look all set to soar sky high!
