Boston Real Estate Market on the Rebound!
The Boston real estate market is on the rebound, after several year of no growth. Boston home prices are increasing and inventory is down sharply from last year. Although the Boston housing market can still be categorized as a buyer's market, that window is narrowing and the time to buy is now.
Boston real estate by the numbers
The current state of Boston's housing market can be best illustrated with numbers. Just a few statistics that outline Boston's home prices and trends include:
- The median listing price for Boston homes in March, 2013 was $465,000. That is $30,000 (eight percent) more than in March, 2012.
- There were an average of 1,015 homes for sale in Boston during March, 2013. That's a 45 percent decrease from March, 2012.
- The average Boston home for sale has been on the market for 30 days before being sold (as of March, 2013.) That compares to 42 days in March, 2012--a decrease of 29 percent.
- The most popular neighborhoods for Boston home sales are the Back Bay and South End neighborhoods.
What's new in Boston real estate
New construction and newly-converted row houses and lofts are on the rise in Boston. Just a few of the more interesting projects include two new luxury condo buildings on Tremont Street in the South End neighborhood, a new waterfront mixed use/condo development at the Navy Yard in Charlestown, and new harborfront condos at the Intercontinental in South Boston.
Working with a local Boston real estate agent
The increasingly-competitive Boston real estate market means that it's more important than ever to have an experienced real estate agent in your court, both to seek out available properties that match your needs and budget and also to help you negotiate the best terms and price. Boston home prices are escalating, and sellers aren't as willing as they were in the past to settle for the first offer they receive.
The Boston real estate market is changing. If you've been waiting for a good time to buy a home in Boston, now is the time to act before dwindling inventory and increasing home prices edge out all but the more well-heeled buyers.