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There's no doubt that the luxury condos beginning to pepper the South Boston landscape are hitting all-time highs. In fact, the median price of a condo in this area is $790,000 up 16 percent from last year, says The Boston Globe. It's even higher for a high-end, full-service building, which jumped twice that fast to more than $2 million. This is part of a broader market that's being fueled by young professionals, suburban empty-nesters, and even some international buyers, all of whom are being enticed by the city's burgeoning job base and urban life.
That being said, it's not just the condos that are propelling South Boston to new heights. The houses are also contributing to this spike in interest, although the market still has a long way to go. The prices of houses for sale in South Boston MA dipped slightly last year although pending sales increased, which is also a good indicator of growth. The median price of homes in the pending sales category decreased by a bit more than two percent last year to $308,750, but that was a jump of 75 percent in February compared to the year before, according to Boston.com Real Estate. That represented the highest number of pending sales for the month of February since 2004.
Home values throughout Boston are expected to bump up by a percent and a half over the coming year, but last year that dip extended to the most exclusive addresses in Greater Boston, including Lexington, Concord, Weston and Lincoln. Some experts are optimistic about home prices rising due to a shortage of homes for sale in South Boston and the surrounding area.
Houses to Keep Your Eye On
The popularity of this area is growing year over year. After all, you have quick, close access to the city, dependable transportation, and a rich history built on Southie Pride. It's no surprise that there are many homes for sale here. The real estate market here consists mainly of traditional triple-decker homes, many of which have been converted into condos over the years. There's also an influx of newer, luxury residential projects infiltrating the area, from the Units at 150 West Broadway to the Signal Lofts to the Macallen. There are plenty of single family homes for those looking to raise kids here, meeting a variety of budgets.
Right now, home prices are ranging from $229,900 to $1,700,000, with sizes jumping from 456 square feet to 3,295 square feet. Southie's natural allure lies in its surroundings. Just take a look at the waterfront, home to Castle Island and some of the top-rated local beaches. You can run, walk, jog, hike and picnic here, as well as learn all about the Revolutionary War fort that sits on Castle Island.
With Logan Airport just 10 minutes away and the West 4th Street Bridge connecting residents to Newbury Street, more and more people are investing in homes in South Boston. There's little doubt that the proximity to the city proper is a major draw for people looking to put down roots. And with MBTA bus routes and Silver Line service to South Station forming the backbone of the city's commuting options, houses for sale in South Boston MA will continue to rise.
Want to know more? Call Home Town Brokerage at 617-877-1479.