Boston’s downtown real estate trends determine what the market is leaning toward as we enter the Boston real estate spring market. Whether you’re a buyer or a seller, housing trends can clue you in to what’s going to be most available or most in-demand among designs, amenities, and neighborhoods.
Unfortunately, it’s a challenging prospect for nonspecialists to keep their fingers on the pulse of such a dynamic industry. Trends tend to shift and change often, and non-specialist needs to find places where they can tap into those trend changes quickly. To help, this Boston real estate blog post will outline 13 trends you should keep your eye on.
An important indicator is a supply and demand. A simple metric for this in the Boston condo market is days on market. If this number is getting smaller, it indicates a potential reduction in supply as compared to the demand. When the demand outweighs supply, the prices tend to soar. Getting ahead of the trend is vital in maximizing returns.
A great way to keep an eye on Boston real estate trends is by paying attention to the extension of transportation options such as the T. If the T and bus lines are extending into a neighborhood to be interconnected to downtown Boston this is a good sign for Boston real estate values in that area
This indicator is not as important as it uses to be because of Covid-19. However, Look for retail store developments in the neighborhood. Large national companies conduct a lot of research to determine where to invest and open new store locations. They tend to be ahead of residential real estate market trends, so it’s a good predictor of where the next hot neighborhoods would be. Pay close attention to grocery stores;
Staying in touch with a Boston downtown broker in your area is key. They are in the market every day and can interpret statistics and trends better than anyone. We also have more current up-to-the-minute information and can often accurately predict what is happening in the housing market at that moment. We’re in the trenches, so to speak.
One of the most important things to pay attention to is the inventory level of Boston condos for sale on the multiple listing service (MLS). Currently, the number of listings on the MLS is low. There are simply not enough affordable condominiums for sale. This is mainly due to sellers removing their listings because of Covid. It’s a challenging time to be both a seller and a buyer.
Subscribe and get notifications from this Boston real estate website, our advanced technologies allow smart recommendations from your selections, enabling you to get Boston condo for sale price valuation information and predictions. In addition, being on a call list before a Boston condo for sale hits the market.
Look up online your local city and state Economic Development Department for the latest updates on businesses, schools, residential growth, workforce, and to keep up on the community. Also, connect with them on social media platforms to stay informed on a daily basis.
I rely on a combination of Google Alerts, Bisnow, and the Business Journal to keep a pulse on what’s happening in the markets I invest in. It’s important to not only be aware of what is happening with local housing but also to stay abreast of events in the local economy.
Use your favorite Boston real estate app and set up a “saved search” with predefined filters for the housing category you’re most interested in. Most apps, such as Zillow, will send you either in-app notifications or emails when a new home hits the market or sells. By consistently monitoring new inventory and sold inventory for several weeks or months, you’ll get a great pulse on the market.
Social media is carrying more weight than ever before, and agents are using it to their advantage. Following popular Boston real estate and home improvement hashtags is a great way to stay on top of the industry trends. If you’re a visual person, Pinterest and Instagram have become new resources that professionals are using to present information in a new format to reach a broader audience.
Find a reliable local downtown Boston real estate blog (like this one) and keep a close eye on it. Boston real estate blogs are an excellent way to stay up to date with current trends as they highlight various types of information and data in an easy-to-comprehend manner. Make sure to read your local real estate blog at least once a week.
I may have touched on this earlier, but one of the best strategies is to get listing alerts from a local Boston real estate brokerage. If you’re watching the market regularly, you’ll have a better sense of supply and demand and be able to track price surges. Even if you’re not actively looking to buy or sell, it’s important for homeowners to be aware of the local market. It’s a good way to protect your investment.
Auction and foreclosure sites can be a great resource for the average buyer to keep an eye on what is available in the market. Oftentimes, auction sites are overlooked in the process. While it might not be right for everyone based on preferences, good bargains can be found.
Well, that’s all I have for now. If you would like to discuss your Boston real estate needs I’m available 24/7. Please feel free to contact me any time via cell/text at 617-595-3712 or via email email@example.com