Boston real estate: View top 10 cities to live in 2024
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Boston real estate: View top 10 cities to live in 2024
Three Massachusetts cities – Boston, Worcester and Springfield – were named among the top 20 hottest markets in the U.S., with two of them ranking in the top five.
Realtor.com examined cities across the country and discovered that home price growth has slowed in much of the U.S. in recent months. It identified the cities where homes are selling fastest and prices continue to climb at higher rates than the rest of the country.
“Prices increased slightly nationwide in March, but the month’s hottest markets saw more substantial price growth due to high demand,” says Realtor.com economic analyst Hannah Jones.
Realtor.com ranked the nation’s 20 hottest markets based on market demand, determined by unique views per property on its website as well as market pace, measured by how many days a listing remains active.
Springfield took the No. 3 spot on the list with 3.3 views per property, 27 median days on market and a median list price of $350,000.
That was followed by Worcester at No. 4 with 2.9 views per property, 23 median days on market and a median list price of $500,000.
Boston ranked No. 8 with 2.2 views per property, 24 median days on market and a median list price of $880,000.
Manchester, New Hampshire, took the top spot. Just under an hour from Boston, Manchester had 4.1 views per property, 19 median days on market and a median list price of $550,000.
While prices continue to rise in these markets, overall demand is shrinking. While the majority of home prices remained flat in March, only rising 2%, prices in the hottest markets rose 5.3% year over year.
“Though hot market price growth continues to outpace U.S. price growth, the difference has narrowed, and the average hot market price growth has slowed,” Jones said. “Since last summer, price growth has cooled in the country’s hottest markets.”
Boston real estate: View top 10 cities to live in
The most popular cities for Millennial homebuyers will surprise some of my Boston real estate blog readers. LendingTree recently looked at this largest group of homebuyers in the country. The deep dive analyzed mortgage purchase requests on the LendingTree across the country’s 50 largest metros.
Key findings from the report include the most popular cities, the least popular cities, and where the youngest Millennial buyers move to. LendingTree’s Chief Economist and Vice President Tendayi Kapfidze look at the report’s results. “We found the top cities were attractive to those older millennials with high-paying jobs in the tech industry,” explains Kapfidze.
Two of the most popular cities San Jose and downtown Boston are among the country’s most expensive to buy a home. It’s no surprise Millennials are the majority of buyers in those cities thanks to tech-based economies and high-paying jobs.
Moving East to Boston a long-time tech hub for Millennials, many of whom went to school in the Boston area and stayed. At number two the typical home in Boston is currently above $1 million. “Tech companies attract younger and wealthier workers that can afford these expensive cities,” Kapfidze observes.
Boston real estate
Warm weather doesn’t attract Millennials to buy in Las Vegas, Tampa, or Phoenix. LendingTree ranks those metros as the least popular cities for homebuyers. Too bad since home values there are certainly more affordable than the most popular metros.
Look at Las Vegas where typical home values are right at $224,259. Tampa prices are a bit higher at $250,431. Phoenix has the highest values of the three metros at $321,359.
Kapfidze has a different opinion on the urban flight to the suburbs than the headlines of the summer and spring. “With Millennials as the largest home buying segment, our mid-December data isn’t showing people fleeing those urban cores.”
Following Millennial buying trends is a good look into the country’s current real estate market.
