02108 is it!
Covering parts of Back Bay, Downtown Crossing and Boston’s prestigious Beacon Hill neighborhood. 02108 is bursting with historic and upscale homes. Beacon Hill posted a $1,432,500 median sale price in 2017, a slight uptick from 2016 figures. The Suffolk County Zip climbed one position in Massachusetts rankings, while on a national level it rose two positions, becoming the #81 priciest Zip Code in the U.S.
It is no surprise that another Massachusetts Zip Code also ranks among the nation’s most expensive!
The second most expensive Zip in the region was 02481, which covers Wellesley Hills. The median there in 2017 was $1.4 million. Wellesley Hills is also the #97 most expensive Zip Code in the nation. 02481’s rise is thanks to a 9.6% increase in median sale price. Such prices placed both 02481 and 02108 among the 100 most expensive in the U.S. according to Property Shark research.
As the Massachusetts Association of Realtors® reports, price growth has been pushed to its highest levels in eight years due to demand and shortage of homes for sale. Prices rose over 5%, while inventory, days on the market, months of supply and new listings all fell.
Are you curious to see what homes are for sale in these Zip Codes? Visit 02108 and 02481.
Here’s January 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
January 2018 Greater Boston Real Estate Market Trends
Despite plummeting temperatures and seasonal interruptions, the Greater Boston housing market showed few signs of cooling down in January, as home and condo sales remained near record levels and home prices continued to rise amidst a continued shortage of homes for sale, according to data issued from the Greater Boston Association of REALTORS® (GBAR).
The detached single-family home market saw a slight decline in sales in January as 787 homes were sold compared to the 836 homes sold in January 2017. This is a 5.9 percent drop; however, it is the fifth highest sales total on record, and remains above the 15-year historical sales average for January of 699 homes sold. In the condo market, sales experienced a more modest decrease in sales volume of 2.2 percent from 624 condos sold in January 2017 to 610 sold January 2018. This was also comfortably above the monthly average of 537 sold condos and is the fourth highest sales total on record for the month.
- January condo sales DOWN -2.2%
- Median prices UP +3.0% ($520,000)
- Active Listings DOWN -19.9% to 1,173
- Listings added to the market DOWN -11.1% over last year (736 in 2018 from 828 in 2017)
- January single-family home sales DOWN -5.9%
- Median prices UP 6.0% ($551,000)
- Active Listings DOWN -24.3% to 1,525
- Listings added to the market DOWN -12.9% over last year (776 in 2018 from 891 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
712,000 Homes In The US Regained Equity
Back in July on the blog, I discussed the buy vs. rent debate which concluded that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. My recommendation was that it may be worthwhile to buy due to home values appreciating, and homeowner equity rising. This still remains true, as the latest Equity Report from CoreLogic revealed that 712,000 borrowers moved into positive equity.
The average homeowner gained approximately $14,900 in equity during the past year. This is great news for the housing market. Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.
The map below created by the KCM Crew shows the percentage of homes by state with a mortgage and significant equity. Note that Massachusetts is at 86.5%
If you are debating selling or buying I would be happy to meet with you and help evaluate your options.