When the housing market melted down so dramatically in 2008 it spelled the beginning of a long recession that we are just beginning to see the end of, more than 8 years later. For a while homes were severely undervalued, but it seems at least in Boston that is no longer totally true. The home values in some areas of the city have risen drastically, and are expected to continue for the near future. This is great news for sellers, but not so great for buyers, so if you’ve got your eye on a great place in Boston, you might want to get your finances in order and go ahead and buy!
Per the Boston Business Journal:
“The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, in a prepared statement.
The median sales price for single-family homes in Greater Boston was $530,000 in May, up 1.9 percent from the year prior, and $477,015 for condominiums, up 2.8 percent year-over-year, according to the May housing report from the Greater Boston Association of Realtors.
Sellers of single-family homes received 99.4 percent of the original list price in May, while condominium sellers received 101.4 percent of the unit’s original list price, the report said.