Home prices in Bostons suburbs
are starting to decrease, as home buyers shift their focus towards
the heart of the city. Our very own Michael Carucci who does a
handful of business in both the suburbs and the city attributes
this to the changing preferences of younger families.
I cannot tell you the number of
deals I have done in the last few months that five or 10 years ago
they would have been buying in the suburbs, he told Boston.com in an
interview earlier this month.
The piece reports that,
according to data provided by The Warren Group, the median price of
homes in the upscale suburbs of Concord, Cohasset, Needham,
Wellesley, Cohasset, and Sherborn have all decreased. The decline
began the first few months of 2016 as young families began to
gravitate towards the city.
These numbers are just the
beginning of huge changes to come. Previously, the prices of homes
in these areas have been on a steady incline, appropriately
reflecting the predominant home buyer preference of a slower-paced
lifestyle and white picket fence. But now, these young families are
trading in the fence for a more convenient inner city location.
.
The other side of this real
estate see-saw is the climb in the price of homes closer to the
big-city-and-bright-lights feel of inner Boston. Carucci refers to
this as the live work play phenomenon. With an increase in
available activities for children and families, top-notch education
offerings, improved safety measures, and a changing urban landscape
with improved transportation systems, the city is more appealing
than ever to the coming wave of new parents.
Young families are more
noticeably seeking a balance between the preservation of the
quality and purity family life, and maintenance of the social-life
theyre accustomed to. Real-estate agents like Carucci can not only
read into the ever-changing statistics on the housing market, but
also predict the next big thing: Boston as a work-and-play-ground
for parents and children alike.