Downtown Boston one of the hottest real estate markets in the country for 2023
Downtown Boston one of the hottest real estate markets in the country for 2023
Boston made Zillow’s 2023 hottest housing market list, which ranked the hottest markets in the country on expected home value growth, buyer demand and more.
Charlotte, North Carolina, was named 2023’s hottest housing market.
Zillow analyzed the top 43 largest metros based on forecasted home value growth, recent housing market velocity, projected labor market changes, home construction activity and the number of homeowner households.
Beantown ranked No. 34 on the list. According to Zillow, expensive markets like Boston are expected to be on the cooler side this year as buyers continue to grapple with affordability challenges.
The metros that dominated this year’s list were relatively affordable ones. Charlotte was followed by Cleveland and Pittsburgh. Dallas and Nashville rounded out the top five.
But just because they’re hot doesn’t mean they’re super active as economic factors, high mortgage rates and low inventory continue to hold buyers back.
“This year’s hottest markets will feel much chillier than they did a year ago,” said Anushna Prakash, economic data analyst at Zillow. “The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work.”
Prakash added that there is good news for buyers as monthly housing costs have stopped climbing.
“Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they’re shopping in one of the hottest markets,” Prakash said.
Zillow expects the coolest markets this year to be San Jose, California, Sacramento, Minneapolis and Denver, due to “expected annual home value declines and slower housing market velocity,” compared to other large markets.
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The Emerging Trends report ranks downtown Boston as one of the top 10 real estate markets in the country for the second year in a row. The Boston condo for sale market has proven to be resilient in the past. In fact, it’s one of the 10 cities that survived the last housing crash. Despite Boston’s slow population growth rate, the city did enjoy a net migration rate over the past five years. In addition, due to the more Boston luxury condo prices, many of Boston’s residents opt to rent a Beacon Hill apartment meaning rental demand and rental income are on the rise.
Furthermore, the city has countless touristic sites and natural attractions which make it one of the best places to invest in Boston Seaport condos for long-term rental properties. The Emerging Trends report also predicts employment growth in Boston at a rate near the US national average and states that “investment opportunities are seen as being readily available in Boston for 2019.”
- Median Property Price: $855,693
- Traditional Rental Income: $2,533
- Airbnb Rental Income: $3,380
- Days on the Market: 44
- Price-to-Rent Ratio: 28.15
Boston condos for sale
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