Suffolk County, MA Real Estate News

By Zachary Parker, Real Estate Journalist
(ProSource Media)
Boston’s market for condo sales looks to be eroding in the face of rising interest rates and inflation.  Total condo sales in the city last month were 325, a sharp -43.48% drop compared to August 2021.  Last month, the Fed raised interest rates for the 4th time in 2022 to try and control rampant inflation.  It seems to have stifled demand for Boston real estate, as last month's total sales were the lowest for September in the last 5 years.    Boston Condos Sep 2022 Sep 2021 % Change Total Listings 953 1,028 -7.30% Median Days on Market 25 26 -3.85% 30 Day Sales 325 575 -43.48% 30 Day Median Sale Price $759,447 $684,022 11.03% 30 Day Price Per Sq Ft. $827 $798 3.63%  We can expect to see more of the same as we head into Q4, typically the low season for Boston’s real estate market.  This ...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Pitchbook recently released their NVCA Venture Monitor for 2021, and Boston has again set a record high for venture capital funding.  Last year, Boston-based startups attracted $34.9 billion in capital funding.  For the fifth consecutive year, Boston ranked 3rd highest among all metros in their regional spotlight, behind New York and San Francisco.   According to Pitchbook’s data, Boston saw a 194.9% increase in total VC capital compared to 2020.  Nationwide the amount of VC funding nearly doubled to $329 billion, up from $166.6B in 2020.  Boston, New York, and San Francisco hold a lion’s share of this total funding, with the 3 metros accounting for over $205B of all venture capital funding in the US.  Miami, New York, Chicago and Denver saw the biggest YOY increases in total capital fu...
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Boston is one of the most historic cities in the United States, and it is also home to some of the most beautiful hardwood floors. If you're thinking about installing hardwood floors in your home, you need to know a few things about the process. In this blog post, we will discuss the ins and outs of the hardwood floor installation in Boston!hardwood floors are a beautiful addition to any home, and they can last for many years with proper care. However, hardwood floors can be a bit tricky to install, especially if you're not familiar with the process. In Boston, there are a few things that you need to take into consideration before starting your hardwood floor installation project.First, you need to choose the right hardwood for your floors. There are many different types of hardwood ava...
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If you're moving to Boston, you're in for an exciting adventure! This vibrant city has something for everyone. Whether you're moving here for school, work, or a new start, we've got you covered. In this blog post, we'll give you our best tips for making your move go as smoothly as possible. From local moves to long-distance moves, we've got you covered!If you're moving locally, the first thing you need to do is find a good local moving company. Boston is a big city, and there are a lot of moving companies to choose from. Do your research and read online reviews to find the best one for you. Once you've found a reputable company, give them a call and get a quote. Be sure to ask about any discounts or promotions they may be running.If you're moving long-distance for example you are moving...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
For anyone looking to purchase an investment property for the first time, NOI (net operating income) is one of the fundamental equations you need to know to estimate its potential profitability. Net operating income in real estate is a financial breakdown of the total revenue that the property will generate in a year minus the normal operating expenses. In short, it’s an annual profit projection for investment properties.In a competitive real estate market like Boston, it’s important to analyze a property based on NOI before you decide to purchase. Some properties may be priced too high to actualize any meaningful profit and can end up being a money pit for years to come. While it’s hard to generalize an entire neighborhood in terms of NOI, we can use median sales prices and average ren...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
It’s no secret that prices for homes in Boston have skyrocketed over the past decade. Since 2012, prices have nearly doubled in terms of median sales prices, and now it’s hard to find a decent home listed in a good neighborhood under $500K. In fact, the median sales price for single family homes for sale in Boston is $772,925 over the past 12 months, placing Boston among the most expensive real estate markets in the country.Still, there are many ways to analyze housing markets and median sales prices. If you dig into the data a little deeper, there may be areas of opportunities that others miss. In Boston in particular, a short supply of single family homes and lack of developable land has led to a massive surge in condo development around the city. In modern times, it’s much easier to ...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
The real estate market in Cambridge has seen explosive growth over the past decade.  Thanks to steady flow of VC funding pouring into the area and increasing enrollment at local Universities, demand for housing in Cambridge has been insatiable.  As a result, median sales prices for residential properties in Cambridge are soaring across all categories.  The median sales price for condos in Cambridge is $891,910, while the median price of homes for sale in Cambridge MA stands at a whopping $1.93M.  With prices like that, it would be easy for a potential buyer to throw in the towel and assume that renting an apartment is their best bet.  And going strictly off those two aforementioned median prices, they would be right.  When you break them down in terms of monthly mortgage payment, taxes,...
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By James Harrison, Selling Made Easy
(Boston Bayside Properties)
Real estate has long been considered a solid investment for many reasons. It is a relatively safe and easy way for people to build wealth, beginning with a small amount of money. If you are interested in investing in real estate, I’d be happy to help you find the right properties.Here are some of the ways investing in property can help you build an investment portfolio.1. Real estate investments can provide you with a reliable and steady cash flow. Investing in rental properties is relatively easy as expenses are predictable, and if your properties remain occupied, you know what to expect in terms of profit margin.  2. Real estate appreciates in value. Real estate consistently appreciates, even during economic downturns, making it one of the more reliable investments. On average, real e...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
The number of vacant apartments in Boston saw an alarming spike in 2020 thanks primarily to remote learning policies at local schools in response to COVID-19.  In a city where the vacancy rate rarely crests above 3%, the pandemic sent shock waves through the local rental market when Boston's vacancy percentage hit 7.73% in September of 2020.  Since then, that figure has rapidly contracted to 1.22% and is currently sitting lower than where it was in November 2019 before the pandemic.  So it’s safe to say that Boston’s apartment rental market has made a full recovery from COVID-19.  When students came back to Boston for the Fall 2021 semester, it effectively wiped out the inflated apartment inventory and steadied the ship.  If there was ever a doubt as to the rental market’s dependency on...
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By inboundREM Market Updates
(InboundREM)
To complete the sale of a property, purchasers and sellers must pay closing costs, which are also known as settlement fees. In Boston, Massachusetts, for the most part, it is the buyers' responsibility to settle the closing fees. This, however, does not imply at all times. It's possible that the buyer and seller can come to an arrangement where the buyer pays all or part of the closing costs.Closing expenses in Massachusetts vary from $8,000 to $12,000. No-closing-cost refinancing loans are available to homebuyers, but they come with a slightly higher interest rate than conventional loans. Thus, the monthly mortgage payment of a house buyer will rise. This loan may assist with closing costs if you don't have the cash on hand, but another alternative is to arrange your offer such that th...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
The local housing market in Boston has achieved impressive growth since the housing market crisis of 2008.  Thanks to a growing Metro population and a shortage of available real estate, median home prices have more than doubled over the past 10 years, and even maintained double digit growth throughout the pandemic.  Now, the median single family home price sits at $776K and it looks like it will be up by a double digit margin again by the end of 2021.The average price per square foot in Boston proper is $710.  The actual average varies considerably depending on neighborhood.  Seaport has the highest price per square foot ($1,594/sq. ft.) out of all neighborhoods in Boston.  This is more than 4 times higher than the most affordable neighborhood in terms of of price per square foot, which...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
If you’ve been paying attention to the Boston real estate market, you can’t help to think what an investment property in Boston could do for your portfolio.  Given the Metro areas steady population growth and seemingly unlimited student housing demand, rent prices have been on the rise over the past decade. Unfortunately, at least in the City of Boston, multi-family homes for sale are always in short supply.  Recent housing development in Boston has been focused mainly on luxury high rises and apartment buildings.  The number of multi family homes for sale in Boston sold in Boston over the past 365 days is 749, considerably less than that of single family homes and condos, which saw 1,100 and 5,733 sales transactions respectively.  The median sales price for multi-family homes in the Ci...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Currently the average rent price in Brighton is $2,336. When compared to the previous year's data, rent prices have dropped by -2.79% in Brighton. This drop is mainly due to the drop in demand for off-campus housing near Boston College. Remote learning sent Brighton’s vacancy rate soaring last year, and its effect on pricing was inevitable. However, the prices have much been much more stable in Brighton than in Boston’s premier Downtown neighborhoods, where prices have dropped by -18.97% in Downtown Boston and -17.75% in Seaport.The Real-Time Availability rate of apartments in Brighton is now 5.11% and this rate has dropped by -37.76% since August 2020.  The Real-Time Vacancy rate is 1.20% currently. Comparing it with the data of the previous year, this rate has dropped by -25.47%. The ...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
If you’re looking to save on housing costs by renting an apartment in one of Boston’s many suburbs, it may be harder than you think.  Some of Boston’s suburbs like Cambridge and Brookline can be just as expensive as some of the City’s premium neighborhoods.  The pandemic has also shifted demand from Boston’s core areas near Downtown towards the suburbs, so prices are on the rise in many of the outer areas in Greater Boston. Still, renters can find affordable apartments in Boston’s suburbs not too far outside of the city if they know where to look.  Here are the Top 5 most affordable neighborhoods to rent an apartment in Boston’s suburbs: Waltham apartmentsAverage Rent: $1,988 Waltham holds down the top spot on our list of most affordable rental markets in Boston’s closest suburbs.  A 1 ...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Boston’s apartment rental market seems to have begun its recovery after a year marked by shifting demand and soaring vacancies.  The vacancy rate for Boston apartments has dropped by 43% since mid-March of 2021 after soaring to unprecedented 9.13% in September of 2020. That figure now sits at 3.02%, and it's not unreasonable to believe that figure could drop close to 1% as it nears its cyclical low in late August. The inventory issues Boston experienced in 2020 were directly caused by the pandemic, and in particular remote learning.  Boston’s apartment supply is highly seasonal due to the large percentage of student population.  It’s estimated by Boston Pads that 60% of leases across all of Metro Boston begin and end on September 1 as it coincides with the beginning of the fall semester...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Rent prices have been on the decline in Greater Boston since March of 2020.  Demand for apartments was severely hampered by remote learning and a diminished student population, sending prices for apartments plunging as high as 21% in Downtown. The reality is these severe rent drops have been more or less concentrated to a few neighborhoods in Boston.  Overall in Boston, the average rent for an apartment has dropped 4.51% year-over-year. This points to an interesting shift in demand that has occurred over the past year in Boston’s housing market.  Demand shifted from renting to buying amid record low interest rates.  Demand also shifted from the typical high-demand neighborhoods near Downtown and local Universities to areas out in the suburbs.  This shifting demand trend becomes clear wh...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
The City of Boston is currently the 3rd most expensive rental market in the US behind New York and San Francisco.  Apartment prices have been steadily on the rise for over a decade due to a short supply of housing and a growing demand for apartment rentals.  This demand-growth has been fueled by increasing enrollment at local Universities and an ever-growing stream of VC funding towards Boston-based startups. 2020 marked the first year since the housing crisis where rent prices dipped in Boston.  The pandemic led to mass vacancies near Downtown and local Universities due to remote work and remote learning.  Vacancy rates climbed as high as 25% in Downtown, and still remain above 20% currently.  As a result, average rent for Downtown Boston apartments is down -21.45% YOY, Bay Village ren...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Harvard, BU, Northeastern, UMass, Tufts, and MIT have all made announcements of their plans to either scale down or phase out remote learning for the Fall 2021 semester.  The much anticipated news is beginning to steady the apartment rental market in Boston, which has been plagued by vacancies as a result of a diminished student population.  The real-time availability rate (RTAR) in Boston peaked at 13.56% in March of this year as Universities began releasing their plans.  That peak marked a 159.7% YOY increase in apartment availability from the same data in 2020.  It has since leveled off and come down to 12.75% as the news has restored demand for off campus housing in Boston.  Typically availability peaks in Boston from March to April as it coincides with the latter half of the Spring...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
The South End has been one of the hottest rental markets in all of Boston over the past decade.  It has solidified itself as one of the most desirable neighborhoods in Beantown, home to the city’s best arts and cultural scene and widely considered to be the epicenter of Boston’s best restaurant offerings.  That combined with its close proximity to Downtown and local Universities, South End’s housing market has enjoyed a steady flow of demand for housing for a long time.  All that changed in 2020. When the pandemic came to town, it reshaped the local housing economy.  Remote learning was put in place at every major local University, causing widespread vacancies in student enclaves like Allston, Mission Hill, Fenway, and South End.  Remote work led to a mass migration from Downtown to the...
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By Zachary Parker, Real Estate Journalist
(ProSource Media)
Tomorrow will mark exactly 7 months from the day the Fenway vacancy rate began its jaw-dropping blastoff as a result of the pandemic, remote learning, and the international travel ban.  The pivotal 9/1 leasing date came to pass, and Fenway saw the usual number of students moving out as their apartment leases expires.  Only this time, there were no students moving in. As a result, the vacancy rate for Fenway apartments rose from 3.38% on August 31 to an unthinkable 17.87% by September 8.  All of a sudden, one of Boston’s best areas to live was in a situation where 1 out of every 5 apartments lay empty. The Fenway apartment rental market is no stranger to high turnover.  As you can see from the preceding graphic, September always brings a spike in vacancies in Fenway as well as the entire...
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