In a startling reversal, recent reports indicate that condos in the city of Boston are now selling for virtually the same price as single-family homes. Back in 2000, the typical condo in Boston sold for about two-thirds of what a single-family home did. As of June 2015, however, condo units in the five-county area were selling for 99-percent of what single-family homes were selling for, which means that their prices are practically identical. The luxury condo market is especially vibrant. In 2007, only four luxury condos were valued at $1,500 or more per square foot. So far in 2015, 69 units have passed this threshold.
Many factors have contributed to the increasingly equal price of condos and single-family homes in the Boston area. Inventory is very low, which is prompting condo buyers to make aggressive offers. Meanwhile, demand for luxury condos in the city continues to rise, which drives up prices even more. New companies continue to relocate to Boston, which is prompting renewed interest from Millennials and young professionals. Millennium Tower, which is still under construction, has already pre-sold more than 90-percent of its units.
For the latest news regarding the condo and housing market in Boston, stay tuned to Boston City Properties. We will continue tracking this story to ensure that you are always up to speed on the latest developments.
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