North End Boston Real Estate Market Booming in 2017
As one of the most desirable neighborhoods in New England, the North End Boston area is booming when it comes to real estate. Let's take a look at the facts.
Home Values Skyrocketing
Currently, the median home value in the North End Boston neighborhood is around $750,000, which illustrates a 12 percent increase over 2016. All market signs show that the upward trend is expected to continue into 2018. Most homes fall within the range of $400,000 to $1 million in value in this trendy area.
The North End Boston market is tight with demand for homes higher than supply at the moment. Those looking to sell their homes can pretty much dictate the price and terms and expect to sell quickly.
For buyers who are seeking an exciting area to purchase a home, North End Boston is an ideal location. The area provides easy access to the greater metropolitan area, which means a reasonable commute into downtown while living in a vibrant neighborhood.
The North End Boston real estate market is also a great investment at the moment. Sellers who purchased homes a few years ago are finding that they can easily sell for a profit in a short period of time. Demand continues to be high, illustrated by commonplace real estate bidding wars, which is a good sign that prices will continue to climb. Investing in real estate in North End Boston may be a smart move.
Condominium Prices on the Rise
The market trend for condominiums in the North End Boston neighborhood is similar to that of the single-family housing market. Condominiums are in high demand, selling faster in 2017 when compared to the same period of time in 2016. For example, condominiums were on the market for an average of 41 days in July of last year. This year, condominiums stayed on the market for only 33 days.
As far as cost per square foot statistics, condominiums in North End Boston tend to range between $600 per square foot and $1,400 per square foot. Demand for condominiums is higher than supply. In fact, sales closed nearly 2 percent above the listing price for condominiums in North End Boston this year.
Apartment Rental Rates Hold Steady
While the market for purchasing homes and condominiums is clearly on the rise, rental rates for apartments in North End Boston have remained constant over the last year. The average monthly rental for apartments in this neighborhood is $3,300, which is the second highest in the greater Boston metropolitan area.
Renters interested in a 500-square-foot studio apartment can expect to pay about $2,200 per month. Moving up to a one-bedroom unit will increase square footage to about 700 square feet with rent rising to $3,200 per month. Two-bedroom North End Boston apartments have an average size of 980 square feet and carry a price tag of $4,400 per month. Some three-bedroom units are available as well, averaging $4,800 per month in rent.
Weigh Renting vs. Buying Carefully
Currently, the median price per square foot for properties in North End Boston is $930. This is significantly higher than the average price per square foot for the Greater Boston area, which is $645. In comparison, the median rental price in North End Boston is around $3,300 per month.
Considering that current mortgage rates are under 4 percent for a 30-year note, those seeking housing solutions in North End Boston may want to carefully weigh renting against buying. A beautiful property purchased for $700,000 would result in a monthly mortgage payment that is equal to the average rental price, presumably for a larger purchased space. In addition, home ownership in the North End Boston neighborhood is an investment for the future.
North End Boston Market Positioned for Tomorrow
When it comes to real estate markets, it's hard to beat one like North End Boston. Homes and condominiums are in high demand, garnering rising prices every month. The upward pricing trend is expected to continue, helping sellers move their homes quickly and on their terms. Buyers, on the other hand, can find a home or condominium that suits their individual style, preferences and budget, which can in turn become a great investment as well.
Currently, the entire housing market is tight in the entire Boston area. One decade ago, nearly 10,000 properties were available in the market. This number decreased to under 2,000 listings in 2016. In addition, new homes, condominiums and apartments are being developed in the surrounding areas, providing other options for those buying and selling in the North End Boston neighborhood.