Boston, MA Real Estate News

By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The number of vacant apartments in Boston saw an alarming spike in 2020 thanks primarily to remote learning policies at local schools in response to COVID-19.  In a city where the vacancy rate rarely crests above 3%, the pandemic sent shock waves through the local rental market when Boston's vacancy percentage hit 7.73% in September of 2020.  Since then, that figure has rapidly contracted to 1.22% and is currently sitting lower than where it was in November 2019 before the pandemic.  So it’s safe to say that Boston’s apartment rental market has made a full recovery from COVID-19.  When students came back to Boston for the Fall 2021 semester, it effectively wiped out the inflated apartment inventory and steadied the ship.  If there was ever a doubt as to the rental market’s dependency on...
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By inboundREM Market Updates
(InboundREM)
To complete the sale of a property, purchasers and sellers must pay closing costs, which are also known as settlement fees. In Boston, Massachusetts, for the most part, it is the buyers' responsibility to settle the closing fees. This, however, does not imply at all times. It's possible that the buyer and seller can come to an arrangement where the buyer pays all or part of the closing costs.Closing expenses in Massachusetts vary from $8,000 to $12,000. No-closing-cost refinancing loans are available to homebuyers, but they come with a slightly higher interest rate than conventional loans. Thus, the monthly mortgage payment of a house buyer will rise. This loan may assist with closing costs if you don't have the cash on hand, but another alternative is to arrange your offer such that th...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The local housing market in Boston has achieved impressive growth since the housing market crisis of 2008.  Thanks to a growing Metro population and a shortage of available real estate, median home prices have more than doubled over the past 10 years, and even maintained double digit growth throughout the pandemic.  Now, the median single family home price sits at $776K and it looks like it will be up by a double digit margin again by the end of 2021.The average price per square foot in Boston proper is $710.  The actual average varies considerably depending on neighborhood.  Seaport has the highest price per square foot ($1,594/sq. ft.) out of all neighborhoods in Boston.  This is more than 4 times higher than the most affordable neighborhood in terms of of price per square foot, which...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
If you’ve been paying attention to the Boston real estate market, you can’t help to think what an investment property in Boston could do for your portfolio.  Given the Metro areas steady population growth and seemingly unlimited student housing demand, rent prices have been on the rise over the past decade. Unfortunately, at least in the City of Boston, multi-family homes for sale are always in short supply.  Recent housing development in Boston has been focused mainly on luxury high rises and apartment buildings.  The number of multi family homes for sale in Boston sold in Boston over the past 365 days is 749, considerably less than that of single family homes and condos, which saw 1,100 and 5,733 sales transactions respectively.  The median sales price for multi-family homes in the Ci...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
If you’re looking to save on housing costs by renting an apartment in one of Boston’s many suburbs, it may be harder than you think.  Some of Boston’s suburbs like Cambridge and Brookline can be just as expensive as some of the City’s premium neighborhoods.  The pandemic has also shifted demand from Boston’s core areas near Downtown towards the suburbs, so prices are on the rise in many of the outer areas in Greater Boston. Still, renters can find affordable apartments in Boston’s suburbs not too far outside of the city if they know where to look.  Here are the Top 5 most affordable neighborhoods to rent an apartment in Boston’s suburbs: Waltham apartmentsAverage Rent: $1,988 Waltham holds down the top spot on our list of most affordable rental markets in Boston’s closest suburbs.  A 1 ...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Boston’s apartment rental market seems to have begun its recovery after a year marked by shifting demand and soaring vacancies.  The vacancy rate for Boston apartments has dropped by 43% since mid-March of 2021 after soaring to unprecedented 9.13% in September of 2020. That figure now sits at 3.02%, and it's not unreasonable to believe that figure could drop close to 1% as it nears its cyclical low in late August. The inventory issues Boston experienced in 2020 were directly caused by the pandemic, and in particular remote learning.  Boston’s apartment supply is highly seasonal due to the large percentage of student population.  It’s estimated by Boston Pads that 60% of leases across all of Metro Boston begin and end on September 1 as it coincides with the beginning of the fall semester...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Rent prices have been on the decline in Greater Boston since March of 2020.  Demand for apartments was severely hampered by remote learning and a diminished student population, sending prices for apartments plunging as high as 21% in Downtown. The reality is these severe rent drops have been more or less concentrated to a few neighborhoods in Boston.  Overall in Boston, the average rent for an apartment has dropped 4.51% year-over-year. This points to an interesting shift in demand that has occurred over the past year in Boston’s housing market.  Demand shifted from renting to buying amid record low interest rates.  Demand also shifted from the typical high-demand neighborhoods near Downtown and local Universities to areas out in the suburbs.  This shifting demand trend becomes clear wh...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The City of Boston is currently the 3rd most expensive rental market in the US behind New York and San Francisco.  Apartment prices have been steadily on the rise for over a decade due to a short supply of housing and a growing demand for apartment rentals.  This demand-growth has been fueled by increasing enrollment at local Universities and an ever-growing stream of VC funding towards Boston-based startups. 2020 marked the first year since the housing crisis where rent prices dipped in Boston.  The pandemic led to mass vacancies near Downtown and local Universities due to remote work and remote learning.  Vacancy rates climbed as high as 25% in Downtown, and still remain above 20% currently.  As a result, average rent for Downtown Boston apartments is down -21.45% YOY, Bay Village ren...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Harvard, BU, Northeastern, UMass, Tufts, and MIT have all made announcements of their plans to either scale down or phase out remote learning for the Fall 2021 semester.  The much anticipated news is beginning to steady the apartment rental market in Boston, which has been plagued by vacancies as a result of a diminished student population.  The real-time availability rate (RTAR) in Boston peaked at 13.56% in March of this year as Universities began releasing their plans.  That peak marked a 159.7% YOY increase in apartment availability from the same data in 2020.  It has since leveled off and come down to 12.75% as the news has restored demand for off campus housing in Boston.  Typically availability peaks in Boston from March to April as it coincides with the latter half of the Spring...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The South End has been one of the hottest rental markets in all of Boston over the past decade.  It has solidified itself as one of the most desirable neighborhoods in Beantown, home to the city’s best arts and cultural scene and widely considered to be the epicenter of Boston’s best restaurant offerings.  That combined with its close proximity to Downtown and local Universities, South End’s housing market has enjoyed a steady flow of demand for housing for a long time.  All that changed in 2020. When the pandemic came to town, it reshaped the local housing economy.  Remote learning was put in place at every major local University, causing widespread vacancies in student enclaves like Allston, Mission Hill, Fenway, and South End.  Remote work led to a mass migration from Downtown to the...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
Tomorrow will mark exactly 7 months from the day the Fenway vacancy rate began its jaw-dropping blastoff as a result of the pandemic, remote learning, and the international travel ban.  The pivotal 9/1 leasing date came to pass, and Fenway saw the usual number of students moving out as their apartment leases expires.  Only this time, there were no students moving in. As a result, the vacancy rate for Fenway apartments rose from 3.38% on August 31 to an unthinkable 17.87% by September 8.  All of a sudden, one of Boston’s best areas to live was in a situation where 1 out of every 5 apartments lay empty. The Fenway apartment rental market is no stranger to high turnover.  As you can see from the preceding graphic, September always brings a spike in vacancies in Fenway as well as the entire...
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By Zachary Parker, Real Estate Marketing Pro | SEO Gun for Hire
(ProSource Media)
The year of COVID was a tough one for Boston’s apartment rental market, that is indisputable.  Apartment vacancies soared in many of the city’s most expensive neighborhoods as local schools enacted remote learning policies and residents in Downtown fled for open spaces.  Average rent prices for Boston apartments have declined by 4% city-wide, 8-10% in Back Bay, South End, and North End, and over 20% for apartments in Downtown Boston.  Some may believe that there is no way out of this market decline other than an end to COVID-19 and the remote learning policies that have stripped Boston of its vital student population.  If there is anything that can be done to quickly restore Boston’s rental market to the dominant force it was before the pandemic, it would be that.   But with more questi...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
You’ve heard of a buyer’s and seller’s market, but have you heard of a renter’s market?Renters now have more negotiating power than they’ve had in a long time.In a city that is usually full to the brim with students, recent graduates starting their first jobs, and young families- something is definitely different this September. Because of a combination of work from home and all around uncertainty from schools re-opening; vacancies in Boston have increased by around 6%. So what does this mean for renters? For one, a much better selection of apartments than usual, but that’s not all. In some cases, owners and realtors are even offering incentives just to get leases signed and apartments leased.If you were hesitant about signing a new lease at first, you should rest assured that you are b...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
Real Estate in Boston by Century 21 Affiliated Agent Michael MahoneyGreater Boston Real Estate Update by Realtor Michael Mahoney I do hope this finds you and your family well, healthy and gainfully employed. I know it's challenging for a lot of people. If I can help you personally, please feel free to reach out. I belong to a couple business organizations and a fraternal organization that likes to help people who need it. If that's you, text/call 617-615-9435. In this week's newsletter, I continue to beat the drum about the lack of inventory in the residential real estate market inside the 495 Belt of Greater Boston. It's clearly the best time to sell. Properties going pending are almost 1.5x's the number of new listings coming on the market. This is reflected in my Norfolk and Suffolk ...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
Real Estate in Boston by Century 21 Affilated Agent Michael MahoneyGreater Boston Real Estate Update by Realtor Michael Mahoney I do hope this finds you and your family well, healthy and gainfully employed. I know it's challenging for a lot of people. If I can help you personally, please feel free to reach out. I belong to a couple business organizations and a fraternal organization that likes to help people who need it. If that's you, text/call 617-615-9435. In this week's newsletter, I continue to beat the drum about the lack of inventory in the residential real estate market inside the 495 Belt of Greater Boston. It's clearly the best time to sell. Properties going pending are almost 1.5x's the number of new listings coming on the market. This is reflected in my Norfolk and Suffolk C...
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By Michael Mahoney, Boston Realtor with Century 21
(Century 21)
The Last 7 Days in Boston Real EstateMichael Mahoney, a manager with Century 21 American Properties produces “The Thank Goodness it’s Monday” e-mail every Monday. It is a newsletter focusing on events, tools and strategies for our Century 21 agents.The market definitely needs more listings. The pendings are outweighing the active listings.  
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By Larry Lawfer, "I listen for a living." It's all about you.
(YourStories Realty Group powered by Castles Unlimited®)
Hiring the Right Contractor V1 E37 Masters Touch Design-Build.  In this PODCAST Chris Previte of Masters Touch  Design-Build shares with us today the right and wrong way to find, secure and redo your home the right way. Choosing your contractor is the simple matter of knowing what to ask and being focused on finding the right person for your needs. Communications, vision, follow through are big parts. Caring about your needs and having a willingness to focus on those needs is critical. Listen to how one company does it right.Over the many years I have been in the real estate industry I have been in thousands of houses and hundreds of housing sites being built.  Nothing is the same, all have their unique aspects.  Builders use different materials, different crews, different timing and mo...
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By Larry Lawfer, "I listen for a living." It's all about you.
(YourStories Realty Group powered by Castles Unlimited®)
Boston Globe Real Estate Writer spills the beans on Real Estate. Our Podcast today talks about high rents, need for affordable homes, transfer taxes, rent control the middle class families have difficulty in the Boston area finding homes that are a good fit for them.  Tim Logan, real estate writer, from The Boston Globe shares what he has covered in the past months on all these issues.  Transfer tax is in front of the legislature this week. The idea is to charge a 1% transfer tax to both Buyers and Sellers.  There are some towns in the Commonwealth looking at this for homes beginning at $400,000. This is a slippery slope. Once towns are reaping income from people who own homes and live in these towns they will, of course,  jump from taxing some sales to taxing all sales.To me this is un...
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By Kelly McGovern, Working with Kelly is a good move
(Realty Concierge International)
Last week a friend asked if I wanted to go in Boston to take on a free country music movie given by WGBH TV which included a tour of Fenway Park.  Of course I said yes.  We go in to Boston Monday night and notice such a crowd and were surprised so many people were taking in this country music movie but maybe it was the tour that brought them out and the fact that it was 'free'.We drive around and around and around looking for parking, refusing to pay $50 to park.  We settle for $35 blocks away and walk (and walk).  As we are getting closer, the crowds are all walking in the same direction towards Fenway.  My friend says, "you know we really need to come back and take in a Sox game sometime" and I was all for it!  They are a blast!Starting about a block or so away there were people on th...
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By James Lowenstern, Castles Unlimited. Newton MA Real Estate
(Castles Unlimited®)
Pricing a home right can be tricky, especially in volatile markets with prices that often fluctuate. It’s especially hard to tell if the other current list prices are accurate to the actual sale prices, which usually aren’t public until the sale closes- three or four months later. Analysis of similar homes and market changes are critical but sometimes difficult. It’s important to keep in mind the raw numbers such as square footage, monthly rental income, condition and location, as well as any special features. These are the most concrete factors on which to base your price. The history of the home is also valuable but uncertain, as you don’t always know how that particular market segment has shifted since the last sale. One of the best ways to get recent and accurate info regarding simi...
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