Just when we thought the Boston sales market might be cooling just a tad (and as the rental market definitely does), along come stats such as these from research firm the Warren Group and via Scott Van Voorhis at Boston.com: "Single-family home prices in East Boston, Dorchester, and Mattapan have posted double-digit gains in 2015 compared to last year, while home prices in Roxbury are up by a none-too shabby 7 percent..."
In Eastie in particular, the median single-family sales price jumped 15 percent to $382,000 (it was $323K a decade ago). The median condo price is now $335,000 ($225K in 2005). In Dorchester, the median single-family is nearing $400,000 and in Mattapan it's $331,950. The condo medians in those neighborhoods are similarly pricey vs. a year or more ago.
Might This Mill Street Manor Set a Dorchester Sales Record? [Curbed Boston]
Jeffries Point Condo Sets Eastie Per-Square-Foot Sales Record [Curbed Boston]
Ironically enough, it was these area's very affordability that helped drive up the prices, according to Van Voorhis and others. Simply put, people split pricier places such as Somerville and South Boston, and the demand they set off helped drive up costs in their new neighborhoods. That and the usual Boston melange of high demand, low supply and anemic development over the long term.
· Usually Affordable Neighborhoods Hit With Big Price Increases [Boston.com]
· Boston Glutpocalypse! Broker, Landlord Panic Grips Luxury End [Curbed Boston]
· Cooling Market, Indeed: Southie Spot Sells For Five Figures Off [Curbed Boston]
· Why the Hub Housing Market Could Get Worse, Much Worse [Curbed Boston]