The Greater Boston real
estate market saw huge advances in 2015 with a number of new luxury
buildings and record selling prices. The market continues to
transform as new buildings are catering to those who are flocking
to the city including empty nesters and millennials said to make up
most of the buying population in 2016.
Empty nesters were
named as the number one demographic that will flock to the city in
2016. This generation wants to be in a walkable neighborhood
surrounded by restaurants, shopping and public transportation.
Convenient locations are key. Furthermore the increase in brand new
developments and full service buildings throughout the city has
drawn this demographic in as they downsize. These new developments
include key features such as parking garages, concierge services,
elevators and much more.
In addition, millennials are
reshaping the housing market and are said to increasingly settle in
cities throughout the United States in 2016transitioning from
renting to owning. This generation will play a large role in
markets across the nation includingBoston, according
toRealtor.com.
This younger generation of home buyers is gravitating towards
cities that have an abundance of jobs and a trendy atmosphere of
their own. With the number of Universities, hospitals and job
opportunities in Boston, there is no surprise that the area is to
see an increase in the number of millennial home buyers in
2016.
Where will these buyers be flooding to specifically? It has been
reported by the Boston Globe that of the top-10 hottest real estate
markets in the countryfour of those are in Boston. Ranked on seven
factors including price increases, days on market and bidding wars,
these four areas are without a doubt said to see an increase in
buyers this year.
Cambridges Inman Square ranked number one on that list with a
$660,000 median sales price and homes going for 68 percent over the
asking price. The other neighborhoods ranking highly include the
Brighton-Allston area at number 3, Spring Hill in Somerville at
number 6 and Cambridgeport at number 10.
These four metro areas have set themselves apart in terms of
attracting and creating high-wage jobs in tech, pharma, and finance
and that has heated up the local housing market, according to a
local chief economist . When a short supply of homes collides with
high-income homebuyers you get this hot, hyper-competitive
climate.
With an influx of buyers and an increase in inventory, it is
without a doubt that the housing market in the Greater Boston area
will remain strong throughout 2016. It can be said that residential
real estate is amidst one of its best years since the
recession!
Sources: Realtor.com, Boston Globe, Boston.com