Boston Massachusetts, which covers 48 square miles and has an estimated 670,000+ people, is the 22nd most populous city in the United States. And there’s an estimated 7.5 million more living within commuting distance of the Greater Boston Metropolitan area, making it the 6th largest real estate market in the United States. And there’s no guessing why, with its cultural history, economic strengths, bustling and diverse neighborhoods and school systems, and its various sports teams and leisure activities. Boston - A Long History Of Solid Real Estate Rich in history, Boston is one of the oldest cities in the United States founded in 1630. It remains today an important port city, manufacturing hub, and the setting for some of the country’s greatest education (with Harvard and MIT) and culture. The real estate market has continued to grow and prosper because of the major demand in Boston.
Some of the greatest minds come through Boston by means of the higher education in the city. Boston schools draw the best in law, medicine, engineering and more.Boston's Thriving Economy Drives The Market.
Many world class business choose to call Boston home in the industries of finance, government, business, and IT industries. These great jobs have continued to drive the real estate market forward. Despite one of the country’s highest costs of living, Boston has solidified it's place among the worlds most desired real estate communities in America, it is easy to see why people are drawn to Boston.Boston - A City of Neighborhoods.
There are officially 23 neighborhoods in Boston:
Boston DemographicsSince the 1990s, housing prices in the Boston area have increasing rapidly and living expenses have risen. This is strictly because of the high demand for Boson real estate. With about 33% of the population aged 25-44, and 22% under 19, Boston is a wonderful area to buy a home and grow a family, as well as find a job. The median household income for Boston residents is right above $50,000, with about 62% Whites/White Hispanics and 25% Blacks. The crime rate in Boston is decreasing yearly, and the public transit system is used by nearly 1/3 of the population.
Real Estate Market Statistics
The real estate market in Boston is tight—because of the high demand, there are not tons of houses on the market, and those that are typically get sold fast. This continuous demand for homes in Boston has created a systematic increase in home values in the greater Boston area, making real estate in Boston a great investment. Currently it’s a seller’s market—which means if you are looking to sell your home in Boston, its a great time to do so.
Neighborhoods to Consider Buying a Home in Around Boston
Brighton: because of its proximity to many universities, Allston Brighton
boasts many bars, restaurants and nightclubs. The median home value in Allston is over $470,000 and values have seen constant growth year over year.Back Bay: shopping, old picturesque homes, renowned restaurants, the Boston Public Library, and celebrities walking the streets—
Back Bay is one of the most desirable neighborhoods in the country. The median price for a home for sale in Back Bay
is over $900,000.Beacon Hill: as one of Boston’s oldest communities, Beacon Hill’s architecture is that of colonial Boston, with its gorgeous brick row houses and antique shops.
The median home for sale in Beacon Hill is over $750,000 and home values have gone up over 10% over the past year.
Cambridge: known as the home of Harvard University and Massachusetts Institute of Technology, Cambridge is also known for its liberal attitudes and diversity. The median price of a home for sale in Cambridge is over $700,000, and that has risen over 10% over the past year.
Fenway Kenmore: home to Fenway Park and the Boston Red Sox, and America’s first public school (Boston Latin School), Fenway Kenmore is a bustling neighborhood with lively bars and college students. The median home value in Fenway is over $500,000, and the values have gone up well over 14% in the last 12 months.North End: one of Boston’s most historic neighborhoods, North End is home to a huge Italian culture, with restaurants, cafes, boutiques, and more.
The median price for a home for sale in North End
is slightly over $700,000.South Boston: home to a large Irish Catholic community, and now a desirable area for young professionals and families, South Boston has quick access to downtown and the waterfront. The median price of a home for sale in South Boston is almost $650,000. South End: recently has become one of Boston’s most popular neighborhoods, South End boasts a diverse culture with young professionals, families and a vibrant gay and lesbian population.
Many are drawn here, with its Victorian brownstone buildings. The median home value in South End is slightly over $800,000.West End: another one of the oldest neighborhoods in Boston, West End is home to many mansions, as well as many landmarks. The median price for a home for sale in West End is slightly over $500,000. South End is another Boston neighborhood that has seen property values increase over 10% in the last year.