Boston's neighborhoods are growing, and they're building up their communities to appeal to young professionals who can't afford the rent and mortgages of Boston proper. Specifically, South Boston is becoming a contender in the world of luxury condo living. Now mind you, these condos certainly aren't cheap. Some units are going for upwards of a million bucks. However, it's still a far cry from condos in the Back Bay, for instance, which are fetching anywhere from a few million up to $13 million and more on Beacon Street.
Looking to invest in South Boston condos? There are many to choose from at the moment, thanks to a luxury condo construction boom overtaking the city. South Boston's not alone -- East Boston's and Dorchester are getting in on the action too. But Back to South Boston... The Boston Globe says this Boston neighborhood is seeing an influx of median single-family home prices of $680,000 and condo prices of $632,000. This is a 70 percent change since 2011, putting Southie front and center of a growing South Boston real estate market. You have The Austin at 205 E Street, with units starting at $699,000 and going up to $1.1 million. Then you have 39 A Street and 150 West Broadway, also offering luxury living at a premium. There are more, of course, but you get the picture. In Dorchester According to The Boston globe The median Condo price is $375,000 which is an 88% change since 2011. Dorchester has certainly come a long way with Condo units such as 8-12 Enterprize street consisting of 9 units ranging in price from $680,000-$950,000 or 364 Neponset Ave which features townhouse style 3 bedrooms with garage parking. Not to be outdone East Boston has exploded with a median condo price of $ 416,000 an 83% change since 2011. Lower prices and a quick T ride to downtown with an incredible view of the Boston skyline. It’s no wonder East Boston has caught on so quickly in the last few years. With nearly 1,000 new units in the works along the waterfront such as Clippership wharf which sold out all 80 of the units at the Slip 65 in 8 weeks, 320 Maverick place with 33 units due for completion in the fall of 2017
Facts on South Boston Real Estate
Let's take a look at some interesting stats on South Boston homes and condos.
- The median price of a condo is $790,000 up 16 percent from last year -- even higher for a luxury full-service building, which increased twice that to more than $2 million.
- The median price of homes in the pending sales category decreased by about two percent in 2016 to $308,000, jumping 75 percent in February compared to 2015. This was the highest number of pending sales for that month since 2004.
- Home values throughout the Boston area are forecast to increase by a percent and a half over 2017.
- Home prices in Southie range from $230,000 to $1,950,000. For that, you can get a home anywhere from 450 square feet to 3,300 square feet.
- South Boston condo prices average about $700,000, much more than its cousins Allston and East Boston, featuring condo prices at $422,000 and $416,000 respectively.
- South Boston has 13 schools, about half private and half public.
- The unemployment rate in South Boston is 16 percent lower than the national average. The per capita income is about 60 percent higher than the national average.
- Southie is home to 36,000 people at last count.
- The average household income is $98,000.
- The average price per square foot has increased to $656 up from $590 last year.
- Median rent is $3000 per month.
Facts on East Boston Real Estate
Here are some of the more interesting facts and figures, relative to the East Boston real estate sector:
- The average sale price of a single-family home in East Boston over the past year hovered between $380,000 and $580,000, with the low point coming in November of 2016, and the high point being in March of 2017.
- For multiple-family dwellings, the average sale price was $770,000, with a high in May of 2017 and the low coming in December 2016
- The average sale price for a condo in East Boston was $460,992, with an average price per square foot of $534.39
- Single-family homes on the market in the past year spent an average of 95 days on the market before being sold, which is an average increase of 8 days per housing unit; condos which sold last year spent an average of 92 days on the market, and multi-family dwellings spent an average of 114 days on the market before being sold
- Over the past year, there was a 10% increase in the number of real estate listings in East Boston
Facts on Dorchester Real Estate
In the Dorchester area of Boston, these facts and statistics are some of the more important and relevant ones:
- Over the past year, the average sale price of a single-family dwelling in Dorchester was $432,500, with a price-per-square-foot of $305, and an average of 108 days on the market before being sold
- For multi-family dwellings, the average sale price was $626,622, with a price-per-square-foot of $181.38, and an average time on the market of 158 days before being sold
- Condos in the Dorchester area over the past year had an average selling price of $496,740, with a price-per-square-foot of $392.92, and an average of 81 days on the market
- The trend for condos was generally very positive, with an increase of $17,498 in sale price, a $39 increase in price-per-square-foot, and a 37.5% increase in new listings
- Trends for multi-family dwellings were somewhat less positive, with a decrease of $37,379 in average selling price, accompanied by a decrease of $20 per-square-foot in sale price
- The selling price of single-family dwellings remained fairly stable, experiencing a modest $750 decrease over the prior year, and a $32 increase in the price-per-square-foot. Dorchester single-family dwellings sold last year were on the market an average of 5 days longer than the prior year.
The experienced real estate agents at Home Town Brokerage can give you more insight into this burgeoning neighborhood. Give us a call today to inquire about listings or to setup a showing at 617-877-1479 or email us at info@htbrealty.com.