Boston Condo Market
Growth in Boston Downtown/Midtown condos prices has slowed and most real estate agents agree that we’re now approaching a buyer’s market (we are already in a buyer’s market in some segments, still a seller’s market in others). The official end-of-year numbers aren’t out yet, but the Regional Multiple Listing Service is showing that Boston condo prices is starting to slowdown as we approach the end of 2018.
It’s important to remember that the Boston economy, in which the housing market is just one variable, moves in cycles. Good years followed by not-so-good years. Recessions followed by strong growth. Of course, the Boston housing market saw its last “down cycle” in 2009-12 after the financial collapse that reverberated through markets worldwide.
Many Boston Downtown/Midtown real estate agents are seeing a slowdown, this is partial due seasonal adjustments.
Deals to be made?
If investors begin shy away from the Boston condo market in the short term, it may be possible to score some great deals on a Downtown Boston condo this winter and play the long game in growing your investment. In the meantime, if you’re renting now, buying a Boston Midtown condo still makes sense for the simple reason that your monthly payments go toward your own equity and not someone else’s.
What about selling a Boston high rise condo? The last I heard was that the Boston population growth is on the rise, the demand for Boston luxury condos is expected to remain strong throughout the metro area. That’s because population is not the only factor involved in whether or not people want to buy homes — another variable that economists consider is something called “household formation”, or the rate at which people decide to buy a home and settle down. For a large number of millennial’s now coming of age, that time will be in the next few years.
Stay tuned for our 2020 update on the Boston Downtown and Boston Midtown condo market.
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