Real estate economist Joe Kirchner released a report in November 2016, predicting a growing US housing market in 2017. And where does Beantown stack up? It is listed at the number 3 housing market in the US, with a 6.09% sales price increase and a 6.32% growth in total sales. (View the full report: realtor.com).
The desirability of Boston residential living is largely fueled a wave of companies such as General Electric and Converse relocating their headquarters to Boston proper; what Mayor Walsh coined a “rejuvenation” of the city.Walsh’s administration is 60% complete in its goal to build an additional 53,000 residential units in the city.
The majority of residential units are rentals, as many first time buyers are remaining in rental units for longer. Over the past few years, there has been a tremendous spike in Luxury condominium developments. Luxury apartments frequently offer the convenience of maintenance services, sophisticated security systems, fitness centers, 24hr concierge, and additional perks like garage parking, pools, and of course, top tier location. Due to amount of new luxury buildings that have been completed in the past 2 years, real estate experts predict a slowdown in luxury rental price increase.