Boston condo prices have been fast on the rise in some of the city’s gentrifying neighborhoods. Many neighborhoods have seen gains in the double digits over the past year, and they’re showing no signs of letting up. The price increase is attributed to many of the newer luxury condo buildings breaking ground in and around the Greater Boston area.
The study shows that the largest gains were tracked in some of Boston’s up-and-coming neighborhoods, such asRoslindale and South Boston. East Boston saw the biggest increase of any Boston neighborhood, with condo prices rising 17% from last year to just over the $400,000 mark. South Boston was a close second with an increase of 14.8%, with the average condo price reaching $625,000.
Condo Prices Increase the Most in South Boston and East Boston
While many new developments are already breaking ground in downtown Boston, plans to develop some of these outskirt neighborhoods are just starting to surface for many of Boston’s working class neighborhoods. What’s really remarkable is the fact that the demand is still rising to meet all this extra inventory being added to the Boston real estate market, causing prices to continue to rise.
In the first 7 months of 2016, small neighborhoods around Boston saw an average increase of 13.6% in condo prices according to this study. As many of the new developments, like the Millennium Towerdowntown, are finally starting to sell units, it is expected for prices to continue to rise.
If you’re considering purchasing a Boston condo, it may be time to start looking before the prices go through the roof. You’ll find the largest inventory of available condos for sale on Boston Pads, so you can start your search here!