While we have been settling into the first few days of 2017, the residential real estate market has hit the ground running. Housing market trends throughout the Boston area show a 3% rise each year in median sales prices and a 2% rise in median rent per month. With the rents down from previous years, it looks like 2017 will be a profitable and exciting time to move to a new home. Over the past six months, rising home prices in the Boston area have acted as a catalyst to improve the buying power of people selling their homes, allowing sellers to stretch their money further when they look to purchase a new home.
This urgency to buy and sell is indicative of a strong economy in a great city. As the home to multiple top-notch universities and thriving companies, Boston and the surrounding areas benefit from a community and a culture that prides itself on ingenuity and innovation. The current confidence demonstrated by buyers and sellers has boosted the outlook for a strong residential real estate market in 2017.