Homebuyers are flocking to Greater Boston, and it surely isn't because of the weather (the last five years have seen arguably the worst winter seasons ever). Located in Amesbury, Mass., about 40 miles north, we at Best Agent Today feel privileged to have a front row seat to one of the most active and fascinating housing markets on the country.
Greater Boston is surrounded by countless provincial-like towns and cities, none particularly expansive, but instead richer in population. The population has seen steady growth in home buying costs, some years more than others, but consistent nonetheless.
For several reasons, we believe that growth is going to continue for the foreseeable future. Greater Boston may experience some years that are better than others, but people will continue to migrate here for years to come for several reasons.
Why homebuyers will continue to migrate here
Rich history. Access to both the ocean and the mountains. More than 60 colleges and universities. Convenient public transit system.
Those are all qualities that make any city an attractive place to settle, but the real reason people are flocking to Boston is technology -- the city has become the technology hub of the world, surpassing Silicon Valley as the epicenter of invention and innovation.
Major companies are relocating or opening satellite campuses here, including General Electric which recently announced plans to move its hub from Connecticut to Boston's Seaport District. Amazon and Facebook are also opening large offices nearby. Concurrent with this trend is a very telling figure: There is a 32 percent decrease in housing inventory in Greater Boston from January 2017 to January 2018.
The decrease also means more people are content here and staying put.
Condominium complexes as popular as ever
Among the other recent findings of the Greater Boston housing market include the increasing popularity of condominium complexes among millennials. Experts say millennials prefer condominium associations because they need not worry about the upkeep -- the snowplowing, home repairs, painting and landscaping, which is done for them.
The millennial-condo trend also lends credence to Greater Boston's growth as a technological hub: Millennials make up a large part of the tech industry.
How fast are homes going in the Greater Boston housing market?
Every city and town differs in Greater Boston, but in the surrounding communities such as Cambridge, Somerville and Arlington, homes are on the market for less than a week on average. Turnover is at an all-time low. Of course, interest rates play a significant role as well: They're rising, causing homebuyers to buy fast and lock in at the best rate they can.
If we may offer some advice...
We strongly advise consumers to start the homebuying and/or selling process by choosing an agent that is an expert in the community in which you want to buy; someone who lives and breathes that neighborhood and market to represent you in your search.
Best Agent Today provides easy access to the best agents in Boston and also in over 40 markets across the U.S. Simply type the zip code of the community in which you need a realtor on BestAgentToday.com today, and you'll have access to the top producing realtors in that area.