Known for Fenway Park, Cheers and The Boston Tea Party, Boston is a hotspot for both locals and visitors to explore its rich history in The Freedom Trail, popular burial grounds, museums and more. Increases in visitors becoming permanent residents have led to an increase in housing demands and have contributed to a prosperous real estate market.
Real Estate Market Trends in Boston
Boston median home price: $640,000
The Boston area median home prices have always been considerably higher than the national average (by about $200,000) and that is still true as home prices continue to increase. Median home prices have increased by 10.9% year-over-year and there is currently a 1.4-month supply, which is slightly higher than the national average of a 1.1 months supply.
Rental Market in Boston
Boston median rent: $2,725
Boston rental vacancy: 1.8%
With an 11.9% median rent increase year-over-year and rental prices over $800 higher than the national average, this rental market is thriving. Extremely low vacancy rates and a steady demand will likely push these rents even higher.
See Also: Real Estate Investing Guides and Resources
Current Real Estate Investments in Boston
There are currently 35 multifamily and residential income properties for sale in Boston listed on Loopnet.
The two most interesting multifamily properties for sale in Boston right now are:
228 Cambridge St - Located in the popular Beacon Hill section of Boston, street-level retail space and apartments above offer city living at its best. This 12-unit apartment building includes 3 adjacent mixed-use buildings. Excellent walkability and 100% occupancy make this one hard to pass up. Offered by Hunneman.
44 Lexington St - New construction 8-unit apartment building located in East Boston is now listed for $5,195,000. Each unit is 3BR, 2Bath, and beautifully finished with hardwood floors, quartz counters, and crown molding. Offered by William Raveis - The Residential Group Brokers.
Market data source: Housing Tides
