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?
Buying is now cheaper than renting in the US
The results of the latest Rent vs. Buy Report published by Trulia, shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. Of course this requires necessary down payment and closing costs. If you plan on being in an area (other than for a short period of time) it may be worthwhile to look into buying a home.
Since the recent housing bubble and slowdown we have seen home values appreciating, and that is good news for homeowners. Homeowner equity is increasing. CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Meaning risk continues to steadily decline as a result of increasing home prices.
Historically, the choice between renting or buying a home has been a tough decision. According to Pulsenomics study looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Talk to me before you renew your lease again, find out if you can put your housing costs to work by buying this year!