With 2014 quickly coming to an end
Trulia, an online residential real estate site that lists
properties for sale and rent, has announced what they believe to be
the top 10 housing markets to watch in the New Year. Boston came in
strong ranking number one ahead of Dallas, Fresno, Middlesex County
MA, Nashville, New York NY, Raleigh, Salt Lake City, San Diego and
Seattle. Each of the ten markets demonstrate strong fundamentals
for housing activity with Boston being hard to beat.
Currently Boston is thriving in home sales, especially in the up
and coming luxury condo market. With a solid economy to go along
with these home sales there is no question that Boston is at the
top for quality housing markets. Distressed sales are practically
nonexistent and all-cash sales remain below the national
average.
The three main factors that led to Bostons superiority include
recent job growth, low vacancies, and the strong presence of the
millennial generations.
Job growth is projected to be at 1.7 percent this year and since
June of last year, the unemployment rate in Boston has fallen a
dramatic 19 percent to just 6.3 percent of the work force. Low
vacancy rates can be seen throughout each market in Boston, the
multifamily vacancy rate is at a low of 4.2 percent and the
single-family vacancy rate is at an even lower 3.5 percent. These
numbers show such a high level of demand going along with Bostons
recent construction boom. Lastly, Boston has been a main area for
the Millennial generation. This young and educated cluster comprise
31 percent of Bostons population.
To go along with these three factors Boston is rich in history,
quaint and luxury living, top notch hospitals, and prodigious
schools making it clearly inevitable that such a great city be
overlooked in 2015.
More Information: Boston
Agent Magazine