What Makes the Boston Housing Market Unique – Boston Condo Refinance Update

Boston is a city steeped in American history. It is one of the oldest cities in the United States and has a unique mix of historic neighborhoods and 21st century architecture complete with modern conveniences. Tight knit neighborhoods like Beacon Hill, Back Bay, and South End are within walking distances to schools, shops and restaurants. Much of the housing in central Boston is condominiums, but as you branch out into the outer limits of the city there are several historic homes available. You can find an eclectic mixture of Victorian, Federal and Colonial townhouses and row houses throughout the Boston area. This mixture is one of the things that make Boston a unique city.

Boston House Loan - Weston Cambridge

Image by Wikipedia

The Boston housing market has experienced 3.4% decrease in median home prices and a 3.2% increase in homes sales since October 2011. Boston has a wide range of prices for homes. For example in Beacon Hill the average listing price of homes was $1,822,325 while the average selling price was $1,236,835 in November 2011. The median selling price of homes in Beacon Hill was $523,500 from August to October 2011, a decrease of 5.7% from the previous year. In the nearby neighborhood of West End the average listing price was $414,578, and the average selling price was $331,000. This was an increase of 4.56% from last year.

According to the Boston Herald, fixed mortgage rates have held below 5% for the majority of 2011. The average rate for a 30 year fixed rate mortgage was below 4% for the month of November. Fixed rate 15 year mortgages had an interest rate of 3.3% for the month of November. Although home sales have dipped since last year, the Boston housing market is still one of the strongest in the country. A mixture of old and new, access to top universities and a competitively priced housing market all combine to make the Boston housing market one of the most unique in the state and the country.

Sources: Joe Schutt, Trulia, Boston Herald

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

Sorry, comments are closed for this post.