Beacon Hill Trends

Over the past few years, two trends have emerged in the Beacon Hill housing market:

  1.  Beacon Hill Home renovations have shot up
  2. Inventory of Beacon Hill condos available for sale on the market has dropped

A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

Low housing inventory

According to Home Advisorhomeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.

A new study from Zillow asked the question,

“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”

Renovations by Age

Seventy-six percent of those surveyed said that they would rather renovate their current homes than move. The results are broken down by generation below.

More and more studies are coming out about the intention that many Americans have to ‘age in place’ (or retire in the area in which they live). Among retirees, 91% would prefer to renovate than spend their available funds on a down payment on a new home.

If their current house fits their needs as far as space and accessibility are concerned, then a renovation could make sense. But if renovations will end up changing the identity of the home and impacting resale value, then the renovations may end up costing them more in the long run.

With home prices increasing steadily for the last 6.5 years, homeowners have naturally gained equity that they may not even be aware of. Listing your house for sale in this low-competition environment could net you more money than your renovations otherwise would.

Bottom Line

If you are one of the many Boston condo homeowners who is thinking about remodeling instead of selling, let’s get together to help you make the right decision for you based on the demand for your house in today’s market.

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John Ford, Broker
realtyford@yahoo.com
Janet Lamb, Vice President
lamb.janet@yahoo.com
Ford Realty
137 Charles Street
Boston, MA 02114
(617) 720-5454 (9:00 – 5:00 EST)
(617) 595-3712 (On Call Broker After Hours)

Beacon Hill Population Demographics

 

Total Population 5,075
Male Population 2,465
Female Population 2,611
Male Population 48.57 %
Female Population 51.45 %
Median Age 33
Citizen US Born 4,022
Citizen not US Born 594
Not Citizen 460
Citizen US Born 79.25 %
Citizen not US Born 11.7 %
Not Citizen 9.06 %
Moved from Abroad 154
Moved from Same Country 626
Moved from Same State 407
Moved from Different State 392
Same House as Last Year 3,472
Moved from Abroad 3.03 %
Moved from Same Country 12.33 %
Moved from Same State 8.02 %
Moved from Different State 7.72 %
Same House as Last Year 68.41 %

Occupational Employment in Beacon Hill

White Collar 3,022
Blue Collar 69
White Collar59.55 %
Blue Collar1.36 %
Self Employees 166
Private Companies 2,137
Governmental Workers 144
Not for Profit Companies 643
Self Employees 3.27 %
Private Companies 42.11 %
Governmental Workers 2.84 %
Not for Profit Companies 12.67 %

Number of Households in Beacon Hill

Total Households 2,532
Average People Per Household 2
Family Households 831
Non-family Households 1,701
Non-family Households 16.37 %
Family Households 33.52 %
Households with Children 304
Households without Children 2,228
Households with Children 5.99 %
Households without Children 43.9 %

Median and Average Income in Beacon Hill

Average Household Income $159,432.38
Median Household Income $107,838.00
People below Poverty Level 581
People above Poverty Level 4,107

Housing in Beacon Hill

Occupied Housing Units 2,532
Owner Occupied 859
Renter Occupied 1,673
Owner Occupied 16.93 %
Renter Occupied 32.97 %
With Mortgage 479
Without Mortgage 380
Median Value with Mortgage $698,850.00
Median Value without Mortgage $916,950.00
Median Housing Costs per Month $2,286.00
With Mortgage 9.44 %
Without Mortgage 7.49 %

Beacon Hill Education Statistics

No High School 37
Some High School 448
Some College 339
Associate Degree 94
Bachelor’s Degree 1,733
Graduate Degree 1,764
Never Married 2,381
Married 1,759
Separated 34
Widowed 101
Divorced 346
Never Married 46.92 %
Married 34.66 %
Separated 0.67 %
Widowed 1.99 %
Divorced 6.82 %

Means of Transport to Work in Beacon Hill

Car 566
Bus or TrolleyBus 148
Railroad 88
Bicycle 73
TaxiCab 22
Walk 1,484

 

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