South Boston is quickly becoming a destination for young professionals, families, and entrepreneurs. The area affectionately called Southie has been trending for a while now and has gained quite a bit of traction since some recent add-ons and new developments.
The neighborhood of South Boston, once a predominantly Irish Catholic neighborhood, but now home to young professionals and families, is a hotbed for history, tradition, and new developments. This area known as Southie is neighbored by Fort Point Channel and abuts Dorchester Bay. Southie features panoramic views of Pleasure Bay and is attracting a migration of many different people due to the number of amenities in the neighborhood as well as the proximity to the rest of the city. Numerous revitalization efforts have been underway including a bustling restaurant scene, hotels, retail shops, and new construction. There are also several popular beaches in Southie as well as waterfront parks for outdoor activities and organic markets.
As Realtors in the area, we’ve seen some interesting trends going on in the housing market here in South Boston. You’ll be surprised at what you can find here as a buyer, but you’ll also learn that you will have to act fast. Things change quickly in South Boston.
Properties don’t remain on the market for too long. Therefore, it’s important to be clear on what you want and how much house you can afford if you’re buying. Currently, South Boston is a sellers’ market. If you’re selling, it’s still not easy. Because the market turns so quickly, you might end up with lots of offers that you’ll have to sift through in order to find the right buyers.
Looking at home values in South Boston, the median value is $690,800, that’s a 3.8% increase since last year and values are consistently rising over the course of the last 5 years. Why are home values rising? South Boston is under heavy development. More and more people are moving to the area for its strategic location to downtown as well as the new luxury construction currently being developed. If we take a look at the median price of homes currently listed in South Boston, we see that the value is $899,000 a striking increase from the current median value of homes. However, among homes that have recently sold, the median price was $648,100. Good news for buyers!
Based on these trends, we can see that there’s a bit of wiggle room for buyers to get a home in South Boston at a fair price based on current market value. However, over time values, listing prices, and sold prices show that this may not be the case long term.
For information on homes in South Boston contact us. We can help you get your real estate needs met, whether you’re selling, buying, or investing. We have educational and professional backgrounds in every aspect of real estate and beyond. Get in touch and find out how we can help.