Known for Fenway Park, Cheers, and The Boston Tea Party, Boston is a hot spot for locals and visitors alike to explore its rich history on The Freedom Trail, popular burial sites, museums, and more. The increase in the number of visitors becoming permanent residents has led to an increase in demand for housing and contributed to the prosperity of the real estate market.
Boston Real Estate Market Trends
Median home price in Boston: $640,000
Median home prices in the Boston area have always been significantly higher than the national average (by around $200,000) and this is still true as home prices continue to rise. Median home prices are up 10.9% year over year and there is currently a 1.4 month supply, which is slightly above the national average of a 1.1 month supply .
Rental market in Boston
Median rent in Boston: $2,725
Rental vacancy in Boston: 1.8%
With a median rent increase of 11.9% year over year and rental prices over $800 above the national average, this rental market is booming. Extremely low vacancy rates and steady demand will likely push those rents even higher.
See also: Real Estate Investing Guides and Resources
Current real estate investments in Boston
There are currently 35 multi-family and residential income properties for sale in Boston listed on Loopnet.
The two hottest multi-family properties for sale in Boston right now are:
228 Cambridge Street – Located in Boston’s popular Beacon Hill neighborhood, commercial spaces downstairs and apartments above offer the best of city living. This 12-unit building includes 3 adjacent mixed-use buildings. Excellent walkability and 100% occupancy make this one hard to pass up. Offered by Hunneman.
44 Lexington Street – The new construction of an 8-unit apartment building in East Boston is now listed for $5,195,000. Each unit is 3BR, 2Bath and beautifully finished with hardwood floors, quartz counter tops and crown moldings. Offered by William Raveis – Residential Group Brokers.
Source of market data: Housing Tides