The largest city in Massachusetts, Boston is not only brimming with culture and entertainment, but is also home to many colleges and universities. Popular for its innovation and entrepreneurship opportunities, it is easy to see why nearly 5 million people call the metro area home. The real estate market continues to grow and shows no sign of stopping, and with good reason.
The Current Real Estate Market in Boston
Boston is currently in the midst of what could be its busiest real estate season in years. Home prices are down, leading more people to start the buying process. Currently, the city’s median home price is $400,000 or $500 per square foot, a drop in price of 4 percent. The lower prices have resulted in a jump in sales of about 75 percent over the last year.
Homes and Neighborhoods in Boston
Boston offers a wide variety of architecture, from small cottage-like starter homes to large modern or Victorian-inspired designs, making it possible for a range of potential buyers to find something that suits their needs, wants and budgets. With falling prices, exclusive suburbs of Boston such as Lincoln, Cohasset and Lexington are seeing more interested buyers.
Benefits of Buying Over Renting
Although rent prices have also dropped in the past year with a decrease of roughly 3 percent, the median rent in Boston is still $2,800 per month, a total of nearly $35,000 per year, and that’s if rents don’t rise again. For people who know they want to live in the city for an extended period of time, it can be more economically sound to purchase a home, as the mortgage will likely be lower and won’t rise the way rent prices may.
Boston’s population is nearly evenly split between young, single professionals and established family units, making it a good choice for people of many backgrounds. If you’ve been considering purchasing a home in the city, the time is now, while prices are low.