The Boston Real Estate Market in 2017
If you live in the city of Boston, your home's property value is at a steady increase.
In 2017, we will continue to see that Boston is a sellers market and that market in the city is very hot. According to Zillow, at the end of 2016 the average price of homes in the city was at $524,000. They are predicting by the end of 2017, home value in Boston will increase around twenty thousand from $524,000 to $546,000. The trends are also showing that the relationship between the median list price and square footage will experience a spike in the city around February.
Where should the investors look?
This may be one of the most frequent questions asked around the city of Boston. Within the rental market, many millennials are moving into the South Boston area (also known as Southie) because of the attractive restaurants, night life and proximity to downtown. South Boston's rental market is staying around the $2,900 mark (for a two bedroom apartment) monthly which can be appealing for investors. Although South Boston is on a steady up, Zillow is showing that North Dorchester is also at an all time high for renting two bedroom apartments. These prices are any where from $2,400 and $2,500 a month.
For an investor looking to remodel and then sell the units in the building they buy, South Boston would be a more reliable market to flip. Median home value in South Boston for a two bedroom home at the end of 2016 was about $600,000 which is predicted to increase by 5.2% by the end of 2017. While Dorchester's price point is around $420,000 for a two bedroom home, which is predicted to increase by 5.1% by the end of 2017.
Some people believe that Dorchester could be the next Southie. It is encouraging for investors to keep an eye on the Dorchester market because the potential is there. This market is one of the most exciting to be a part of right now. The city is opening doors for many young professionals and the real estate market in Boston for 2017 will continue to be healthy.