What about gentrification and the effects of climate change? Prices are at or near historic highs for Boston. Whenever the market declines, prices in outlying neighborhoods (including Dorchester) take a bigger hit—but the price dip never lasts all that long. To divine whether residents and transplants should enter into this housing thunderdome, Curbed Boston solicited feedback from housing analysts, influencers, brokers, and others, all of it revolving around the question: Should you buy in 2020? A recently refurbished THREE BEDROOM house close to the Town Centre with GARDEN and GARAGE. Are some areas or parts of the market more insulated than others? The region hosts some of the most expensive residential real estate in the U.S.—its median house price was $655,000 in January—and the competition for it is fierce. After the rebound, some sales always seem like amazing deals. I think of a bubble as marked by high demand for an asset driven purely by potential appreciation in values. Clever’s Concierge Team can help you compare local agents and negotiate better rates. Roslindale. Now that Boston's out of the running for that, the plan is to put in upwards of 10,000 housing units, along with office and retail space. Again, the price gap between prime neighborhoods of Boston and those of New York City have narrowed considerably. Boston homes closed for 3.7% lower than the yearlong average in the month of October, probably as a result of a slight hangover from the flurry of activity that usually takes place in late summer, as home buyers become desperate to close on a home before school starts again. If there is a bubble, are some areas or parts of the market more insulated than others? Boston winters are notoriously harsh, but getting out there in February could net you a stellar bargain if you play your cards right. No. Though not technically a part of Boston proper, this suburb has become the top alternative for people who find the Boston market a bit too pricey. Home buying can be a stressful, emotional, and confusing process. After sitting with you and talking numbers, they should bring their inside knowledge to the table. In the past 15 or so years, Boston has fundamentally changed. I suspect Boston will be even more expensive in five years, but I wouldn’t be surprised if pockets of comparatively cheaper housing arise from local market pullbacks or boomer downsizing. New Homes for Sale in Boston. View all stories in First-Time Homebuying. If that doesn't equal “investment opportunity,” what does? A guy walks into the Boston Mayor Marty Walsh’s office. Neighborhood homes initiative. “Homebuyers can mitigate their impact by supporting strong renter protections as well as new housing and density.”. He says, “This is a wicked awesome city, your honor. Interview responses have been lightly edited for length and clarity. What should prospective buyers consider beyond price points and mortgage rates? What about gentrification and climate change? … Convenient shopping … These new growth sectors complement the city’s longstanding strength in education and health care. I have a feeling that gentrification will have more young people living farther out—the new Somerville of 1995 might be in Quincy, Waltham, Malden, Chelsea, or Revere—and these places will become interesting because they offer affordable rents and the chance for people to have large parties, play and record music, and engage in large-scale art projects. This is especially true as it relates to the high monthly association fees to maintain those amenities in luxury buildings. Should I be there in the morning or the afternoon?” Stunned, the mayor asks, “What difference does it make?” The guy says, “with the current state of the T and traffic, I’m just wondering if I should start my commute to our meeting right now or if I have time to grab a sandwich.”. There are only so many high-priced luxury products local buyers can absorb. What’s the prognosis for the local housing market? While in September — the month with the highest prices — the listing prices were $140,605 more than the annual average. So! Also, the Boston metro has been slapping on new residents steadily for years now, with a population ready to crest 5 million any year now. In truth, the best time to buy a house really depends on your priorities and situation. In the last real estate cycle, there were considerable foreclosures in Roxbury and Dorchester. Boston … That being said, I think the spring market will be strong for resales and for new construction mid-luxury product (i.e. These questions are important regardless of inventory type. View 1394 homes for sale in Boston, MA at a median listing price of $749,000. We are in a housing affordability crisis, but in the city at least I don’t feel that prices are going up because investors over-anticipate future demand. Currently there are some macro world issues that could impact Boston’s real estate market, but as of today the real estate market appears to be strong and headed toward a strong spring market. Millennials moving out to the suburbs will want to live the way they are currently living in the city—with access to residential conveniences. Rates are still at historic lows, making money very inexpensive to borrow. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan. In previous real estate cycles, Boston had what equity analysts call low “beta”—meaning that the property prices didn’t move too far up in a strong market, but they also didn’t fall too far (with the exception of a few neighborhoods) in a down market. I predict the next several years will feature more suburban development outside the urban core. Suburb of Boston, MA. Clever’s Concierge Team can help you compare local agents and find the best expert for your search. Meanwhile, older buyers looking to downsize face an inordinate amount of competition from foreign investors and newcomers in general. Situated on a tree-lined street with a wonderful blend of old & new architecture, historic Fulton Court is … I think we will see an abundance of supply on the luxury side, and that inventory, if not well-positioned, will accrue days on market. Clever Partner Agents are elite performers in their respective markets, and come from top brands. What kind of house do you need, and what kind of house do you want? Boston. Homebuyers can mitigate their impact by … The hip neighborhood in Boston, with stylish bars and farmers markets. Finding an experienced local agent is the first step in having a painless, successful home buying experience. Closing — Typically, a closing takes place between four and eight weeks from the time an offer is … To learn more or opt-out, read our Cookie Policy. These include the Seaport, Back Bay, the Flat of Beacon Hill, the Fenway, and South End. The median selling price for a single … The schools are excellent, … Examples include amenitized but more boutique buildings in areas like Southie and East Boston. If everything goes well, your offer gets accepted, and you're the proud owner of your dream home. See pricing and listing details of Boston real estate for sale. I think we are seeing a slight bubble at the highest end of luxury condominiums. The key to this neighborhood is the massive former racetrack that had been rumored to be a finalist for Amazon's HQ2. They've seen it all, negotiated every possible type of deal, and know exactly what to expect every step of the way. Price reductions on list prices and concession offerings will continue to be offered until the luxury new construction inventory is absorbed. This reflects Boston’s stronger economy, as well as the growing concentration of wealth in neighborhoods that had previously been under the radar. For older product, are you able to renovate the unit to add value and help see returns on those investments when you sell? We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from.