The Massachusetts Real Estate Market

May 23, 2024 | Published by Leave your thoughts

Appraisers often swap stories. One thing that caught my ear recently was a conversation a member of our Boston, Massachusetts appraisal team was having with another appraiser. He was giving the other appraiser a take on the latest with the Massachusetts real estate market.

I thought they were having a great dialogue. After all, why should appraisers keep the scoop to themselves? Maybe it’s time to update the readers out there about what’s new in the home of the Red Sox, the best New England clam chowder, baked beans, Cheers and of course, some of the best colleges our country has to offer.

According to our Massachusetts appraiser, December of 2012 saw home prices go up 12%. This is a good sign. In August of 2012, family homes were going for over $300,000. This is a regular rate around some parts of MA.

Boston features a lot of great neighborhoods. Three of these neighborhoods consistently come out on top. Here they are, as examined in a thorough Yahoo post:

The South End: Today the South End is growing in popularity with an increased demand for housing especially in the magnificent Victorian style homes that typify the area. The South End has benefited from improved transportation, renewed and refurbished housing, additional diverse eateries and upscale shops and art galleries. The South End is home to the Boston Ballet, the B. U. Medical Center and the Boston Center for the Arts. The South End is not the richest neighborhood in Boston (and it is a totally different neighborhood than South Boston) but it is currently among the most up and coming places for people of all backgrounds to call home.

Beacon Hill: Today Beacon Hill continues to be home to the socially and financially elite. The total population of Beacon Hill is about 10,000 people and in some ways it resembles a close knit, small town. Many people consider Beacon Hill one of the best neighborhoods in Boston because it is a very self sufficient community. Everything you need seems to be at your beck and call. Even though it is predominantly a residential area its residents can still find a supermarket, gas stations even a drug store within easy reach and usually within walking distance of their own front door.

Those in the Beacon Hill neighborhood also enjoy the luxury of nearness to the State House, Boston Common, and the Boston Public Garden. It appears in fact that the city of Boston is literally at their feet and within their grasp. There are many nice neighborhoods in Boston, but the most posh address and arguably the best neighborhood in Boston remains Beacon Hill.

Jamaica Plain: There are a good number of well healed residents looking to gentrify the area and willing to spend the money necessary to accomplish this end.

Residents of Jamaica Plain, past and present, see their neighborhood as one of the best neighborhoods in Boston because even though it lies within the city limits of Boston it also maintains an extraordinary amount of green space that residents can enjoy. Even though Central St. in Jamaica Plain is full of business activity, nearby at Jamaica Pond residents can walk, bike or run along pathways that have offered recreation for decades. And if that’s not sufficient, the spacious fields and trees of the Arnold Arboretum also provides a change of scenery from the busy streets of downtown Boston.

By the sounds of things, Boston’s best neighborhoods are on the upswing, and many trusted MA financial institutions would agree.  The average single family home sold for $303,500, which is a 10.4% increase since December 2011. This is good news homeowners can expect a return on their real estate investments when they decide to sell.

The Massachusetts Association of Realtors wrote, “December 2012 was the 18th straight month of year-over-year increases.”

There you have it, baked beans mixed with great hopes for real estate investment. Appraisers down in Boston, make sure you keep your eyes peeled. Homeowners, let us know, have you been thinking of selling now that things are looking up?

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This post was written by Joseph Castaneda

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