Construction projects in Boston and rising values may be key in the housing market recovery
The national housing market is showing positive signs of growth, and in Massachusetts, the houses for sale in Boston have finally bottomed out. Currently, the median asking price for a single-family home is $334,900, which is even with numbers seen in July 2011, The Department of Numbers reports. What's more, inventory levels are down 19.4 percent on a year-over-year basis, which will drive asking prices up in the near future and may encourage more home sellers to enter the marketplace.
However, sellers may not be the solution to Boston's wavering housing market. Instead, new construction projects slated for completion in various neighborhoods may bring more new residents into the metro area than the for-sale properties.
The Seaport district has been up-and-coming for several years, but stalls in construction efforts have caused the neighborhood's gentrification to slow. In part, projects have struggled to get off of the ground due to an unstable economy, but it looks like certain efforts in the new Innovation District are underway. What's more, projects on the 10-acre site bounded by Congress Street, Summer Street, D Street and World Trade Center Avenue may also pick up the pace, according to The Boston Globe.