Real estate sales in Boston are in a curious economic place. On the one hand, property values are high–third in the nation after San Francisco and Honolulu. On the other hand, home ownership is low–45th in the nation. People aren’t buying at the rates they are elsewhere in the country.
The combination applies to the entire Commonwealth of Massachusetts as well as to the greater Boston metropolitan area. It makes real estate sales in Boston and elsewhere in the state less of a sure thing. It means slightly different things for buyer and seller.
For the seller, it means–worst case–possibly getting less in a sale than the property is worth. It means waiting longer than you might have thought for a buyer who can pay the fair price you’re asking. For the buyer, it means that the first property you see and like might well be out of reach. It means broadening and intensifying your search for prospective homes. For both, it means that finding a real estate agent versed in real estate sales in Boston might be worth your while.
FAQ on Property and Real Estate Sales in Boston
Boston has approximately 250,000 single-family houses. Just over half of these were built before 1939. The vast majority of the 77,200 owner-occupied houses have estimated values of between $100,000 and $1,000,000. Between 1996 and 2003 new home construction increased from 46 to 100 per year, with an increase in average cost from about $115,000 to $152,000.