Boroughs & Burbs 58 || The Big Boston Show, including Wellesley, Nantucket and Martha's Vineyard
Manage episode 341460537 series 2814073
Ordinarily in September New Yorkers rivalry with Boston is heating up. Not this year. With the Red Sox 16 games back on the Yankees and neither the Patriots, Jets or Giants contending it might be time to focus on real estate and snag that second home on Nantucket you've been thinking about. Boston seems to be on pace to set new records this year despite fears of a national recession. Why? The biggest reason seems to be lack of real estate inventory in a market with strong job growth and continued strong job prospects. Boston may have experienced many of the same problems as New York City during the pandemic with the loss of live entertainment, restaurant, and tourism dollars but like New York is surging past pre-pandemic levels and attracting major new industries such as technology. I think one advantage Boston has always had is the number of universities in the area and the concentration of advanced degrees.
What are the Boston real estate market predictions for 2022 and 2023? With steady job growth, huge gains in home equity, and a large population of millennials now in their peak homebuying years, it is predicted that the demand will stay strong, but sales are likely to be down from historic highs while price appreciation should fall to more modest levels.
Since the last decade (May 2012), the typical home value in Boston-Cambridge-Newton Metro has appreciated by nearly 91.4% (Zillow Home Value Index). Boston has several key advantages: low percentage price growth in 2021 relative to other metros, average loan-to-value rate of only 79 percent, low share of flipped homes and loss of population last year. The Boston housing market is very competitive. Homes in Boston receive 3 offers on average and sell in around 21 days. The average sale price of a home in Boston was $760K last month, up 7.0% since last year. The average sale price per square foot in Boston is $612, down 5.6% since last year.
Lisa Rainis - Manages Boston, the Suburbs and the Islands
Carl Lindvall - of The Holly Parker Team on Nantucket
Jesse Greenstein - in Boston & Martha's Vineyard
Craig Brody - sells Boston, the Suburbs, Nantucket & Cape Cod
Johnny Hatam - sells the big, fun Yankee Candle listing in Leverett for $23 million
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Boroughs & Burbs Past Episodes & Watch the full playlist: https://www.youtube.com/playlist?list=PLn0GRA-Kf96kZyqcZligAocCKCaNoZP8q
B&B 40: BobStefanowski: Critical Issues for Connecticut's Real Estate Economy
B&B 41: Ari Harkov on the NYC & Brooklyn Markets and Running a Top Team
B&B 42: Affordable Housing - Who Needs It? w/ Tony Hwang, Ryan Fazio, Scott Hobbs & Francis Pickering
B&B 43: Benjamin Moore's Color Expert & Top Designers Talk Color Trends
B&B 44: Noah Rosenblatt of Urban Digs on the New York Market
B&B 45: Governor NedLamont. Conversation on Real Estate & the Connecticut Economy
B&B 46 "Tax The Rich, They Won't Move" Migration and Demographics
B&B 47: "Mexico is Hot"
B&B 48: Zoom On Q1 Market Report for Real Estate in New York & Connecticut - So Hot
B&B 49: Mike Lubin & Matt Cohen on The Post-Covid Market
B&B 50: "Can Housing Keep Rising" Jonathan Miller on Rising Rates
B&B 51: "Designing on a Dime" Sergio Mercado & Jennifer Cohler Mason on Design
B&B 52: The Martha's Vineyard Show with Britt Bast and Cheri Mason
B&B 53: The Vero Beach Show with Sally Daley and Bob McNally
B&B 54: "Bracing for An Economic Hurricane" with Stephen Lascher & David Perry
B&B 55: Thinking of Downsizing? Small Houses with Sheri Koones
B&B 56: How Will Skyrocketing Oil Prices Affect Real Estate? Eric Meyer and Ira Joseph
B&B 57: California Dreamin' and the Market out West. IvanEstrada