The Boston real estate market has long been influenced by the high demand for homes in desirable neighborhoods. Condominiums and single-family homes in the city’s hottest neighborhoods continue to increase in value — and for good reason. If you’re looking to buy in a Boston neighborhood where property values are on the rise, here are five popular areas to consider:
1. South Boston
Referred to as Southie by the locals, South Boston is traditionally known for its hard-working citizens and Irish influence. Homes in this community feature a mix of condos and single-family homes. From 2000 to 2015, the median sales price in South Boston more than doubled from $255,000 to $599,000. So far, 2016 is continuing the trend, with South Boston median home values rising 34 percent to $750,000 in the first quarter. This historic neighborhood hosts the well-known St. Patrick’s Day parade, and the recent redevelopment of the waterfront has also added to the popularity of this community.
Located near the northwest border of Boston, Somerville is a thriving, family-friendly suburb. After remaining steady during the recession, home prices in Somerville have seen noticeable increases over the past few years. In fact, the median price of a single-family home in Somerville rose 80 percent since 2010 and the median price of condos increased 56 percent since 2010. Some home values in Somerville are expected to further increase by 16 to 25 percent in conjunction with an extension to a subway line, known as the Green Line, which is slated to begin service in 2017.
3. Jamaica Plain
Jamaica Plain is another Boston neighborhood that’s shown strong upticks in home values. As of April, the median single-family list price was $820,000, which is a 59 percent increase since 2010. Additionally, condos have seen a 39 percent increase in price. Housing stock in this diverse community features many iconic Boston triple-deckers. The community is known for its hip vibe and the Jamaica Pond, which offers residents a serene escape from urban life.
The suburb of Arlington is another Boston area neighborhood with recent appreciation in home values. The town’s historical importance dates back to the first battles of the Revolutionary War. In 2015 alone, the median home value in Arlington increased over 8%. The increase in home values has also led to a decrease in Arlington’s tax rate. According to Neighborhood Scout, Arlington is home to a significant percentage of highly educated professionals. Its diverse housing stock features of mix of older architectural designs. If you- plan to commute to Cambridge, Arlington is a great location to consider when starting your search.
5. East Boston
The 2014 median home price of a single-family home in East Boston was $340,000, an 84 percent increase from five years ago. Home to Logan Airport, this highly walkable neighborhood features great views of downtown Boston and offers an easy commute into the heart of the city.
Boston real estate is in high demand, so it’s a good idea to understand what you can afford and get a feel for a few of the individual neighborhoods that appeal to you. Be sure to spend time in each area and make sure you’re comfortable before you start your search. To view homes that are currently for sale in the Boston real estate market, visit Owners.com.
People are also reading