If you’re thinking about investing, real estate is a good option. But, in order to do it properly, you need to do research, come up with a plan, and of course, get a good price. And if your choice is real estate in Boston, you have to check out real estate trends in Boston before you go on any further with this idea.
Real estate trends in Boston – 2019
Boston’s real estate market is quite large since the city has a population of around 700,000 people. Also, it is the first location for investing, in the whole Massachusets. But is it the cheapest one? It definitely isn’t. But still, it’s cheaper than Washington DC or New York City that has its own real estate market trends. However, there are reasons for raising the question – does it seem like the constant increase in price is about to change?
Why Boston?
Boston seems to be a great place for the long term real estate investments in the whole US. With more than 4 million people in the Greater Boston area, more and more people seem to want to call Boston their home. Especially considering the universities and schools in the area, every rental property gets its own tenant very quickly. Also, there’s no reason to skip Airbnb rentals, as they actually seem to be the best option for investing here.
The prices
The same way as when you plan the budget for your move, budgetary limitations can be a problem when investing. If you are looking to buy a house in Boston, a median home price is has increased by 7 percent over the last year. However, the price of the median rent shows a drop of about 2 percent. More precisely:
- Median home value: around 600,000 dollars
- Median rent: around 3,000 dollars
Also, you should keep in mind that the Boston housing market is very competitive. Most homes sell for no longer than 10 days, and they receive 2 offers on average. However, with hot homes, the situation is different. They sell for a price bigger by 2-3 percent, and sell for a half shorter amount of time, than the regular real estate.
Is buying Boston investment properties for you?
Most people believe that investing in real estate is a way to get rich. But, there are a lot of things to consider here. While there are ways to save money when buying a house, it’s not enough. You should do more thorough research on the real estate trends in Boston. However, it is sure that Boston seems to the most vibrant in the country, which is very beneficial for investors. Not a lot of homes are being built, but more and more people want to live here. It’s happening in favor of investors, who get a good return in the long run.
Summary
According to the real estate trends in Boston, you should consider investing here. If your budget allows you, that is. As it seems that not a lot of you people can afford to buy a home here, it’s quite easy finding a tenant.