Which Greater Boston housing markets will blow up this fall?
Boston.com asked local realtors which areas in Greater Boston would be most in-demand for homebuyers this fall.
If you’re looking to buy a home in Greater Boston this fall, expect fierce competition (and the occasional bidding war) in some neighborhoods.
This summer favored a seller’s market, with low inventory in hot markets like Cambridge, Somerville, Brookline, and Jamaica Plain causing many homebuyers to pay well over a home’s list price. While fall is generally less busy than spring, local realtors told Boston.com they still expect an uptick of buyer interest in some areas.
From up-and-comer East Boston to the suburbs of Arlington and Medford, here were some of the locations realtors said to watch out for in fall 2015:
Over the past few years, many have noticed the rapid development of East Boston, which has helped home values there to quadruple over the past two decades. But despite how different Eastie may look, it still offers many attractive qualities to new homebuyers, said Richard Hornblower, a Boston-based realtor with Coldwell Banker.
“[East Boston] is where first-time homebuyers can still purchase something below $400,000,’’ Hornblower said. East Boston also offers public transit via the Blue Line, and plenty of delicious ethnic restaurants, like Angela’s Café and Santarpio’s Pizza.
Median home price, according to Zillow: $325,400.
As The Boston Globe pointed out, falling home inventory in Somerville has frustrated many would-be buyers who are attracted to the neighborhood’s walkability and proximity to excellent coffee shops, entertainment, and public transit. Even though a competitive market could drive up prices, Alyssa Spear, a buyer’s agent with Lamacchia Realty, said prospective homeowners are still showing interest in Somerville.
“The Green Line is coming in [to Somerville] supposedly, so a lot of people want to buy there before they can’t afford to,’’ Spear said. “We’re already seeing that now.’’
Over the past three months, Spear said she’s sold condos in Somerville for 6 percent above asking price, while single-family homes went for an average of 7 percent above the listed sales price. “That’s pretty crazy,’’ she added.
Median home price, according to Zillow: $505,600.
Like Somerville, Cambridge’s housing inventory also dropped over the past year, causing competitive bidding wars and homes to be sold for well over their list price. August 2015 data from real estate company Redfin highlighted this trend, showing that five of the top ten neighborhoods in Greater Boston with the highest sales-to-listing averages were in Cambridge.
Median home price, according to Zillow: $598,500.
Spear named Arlington as one of the suburbs generating a lot of client interest, with single-family homes usually receiving offers within nine days this summer. She added that most condos and houses she sold there in the past three months went for 4 percent over their list price.
Median home price, according to Zillow: $570,300.
Like Somerville, the Green Line extension to Medford has many young professionals keen on moving into the neighborhood, said Spear.
Residents have described Medford as an “undiscovered gem,’’ with prices far more affordable than Boston, and a burgeoning creative community. Other attractive features are its commuter rails into the city, multiple bus lines, and plethora of parks.
Median home price, according to Zillow: $433,100.
Melrose garnered plenty of attention over the summer when it topped realtor.com’s annual list of the nation’s hottest zip codes, based on how fast houses sell and how often listings are viewed on its site. The quaint suburb may not be the most “hip’’ spot to live, but it has been recognized for its strong school system, access to public transit, and proximity to shopping and restaurants.
Median home price, according to Zillow: $451,800.
The overlooked “hot markets?’’
Waltham and Quincy, Spear said.
Waltham has recently emerged as a foodie’s paradise, according to The Globe. Moody Street in particular offers residents their choice of delicious Mexican, Indian, charcuterie, tapas, or cocktails. If you love green space or have a dog, Waltham also offers Prospect Hill Park, 252 acres of natural woodland, walking trails, picnic areas and a playground.
Spear, a Waltham resident, may be a tad biased, but she thinks the suburb offers diverse housing options at (fairly) reasonable prices. There’s a converted watch factory of lofts overlooking the Charles River, and The Merc, a 269-unit transit-oriented apartment complex on Moody Street, just opened in August.
Plus, there’s a 90,000-square-foot Market Basket.
Median home price, according to Zillow: $451,700.
Hornblower said Quincy is one of the markets heating up this fall, citing the many mixed-use developments popping up, and adding that homebuyers can still find two-bedroom homes around $300,000.
“You just can’t get that in the city,’’ Hornblower said.
People between ages 25 and 30 are flocking to Quincy for its affordability and easy access to the Red Line, The Globereports. The city offers roughly 27 miles of coastline for those who like boating, and a hike at Blue Hills Reservation is a short drive away.
Median home price, according to Zillow: $359,500.
See the 10 neighborhoods where sellers got more than they asked for in August:
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