By: Demetrios Salpoglou
The Boston condo market has been blazing hot, and it’s showing no signs of letting up. In a new report by one of Boston’s top agencies, it is reported that the average condo sales price has gone up by almost 9% since this time last year, or about $100,000. This data was compiled by tracking condo sales from some Boston’s most expensive neighborhoods like Back Bay, Midtown, Beacon Hill, Fenway and the West End.
This year marks the sixth consecutive year of seeing an increase in the average condo sales price. Even the median price marked a 7% increase, which is the second highest surge in recent history. The number of condos for sale that closed in 2015 was 581, while this year it increased to 618. Even the average price per square foot went up!
This surge in prices has been equal in both the downtown areas of Boston as well as the surrounding neighborhoods. With some of the first units of the Millennium Tower closing this year, we’re starting to see all the recent development come to fruition in the downtown area where new skyscrapers have been built. In some of the fastest growing suburbs of Boston like Jamaica Plain and East Boston, new condo complexes have contributed to steady price growth over the past few years.
This spells opportunity for real estate investors and landlords looking to capitalize on a growing market. There are plenty of opportunities available in and around Greater Boston for you to consider, from new construction projects just breaking ground to existing condos for sale ready to be closed on. Connect with some of the best condo agents in the city right here on Boston Pads, and browse the largest database of Boston condos around!