It’s official, Boston is one of the countries hottest cities to buy. According to Boston.com, the five hottest neighborhoods in the country include Allston-Brighton, the Back Bay, Beacon Hill, Jamaica Plain, and the South End Boston. These neighborhoods have landed on a national list ranking the 30 most competitive zip codes in the country for home buyers. Jamaica Plain, one of Boston’s culturally vibrant neighborhoods, was ranked the highest on the list, next to highly competitive real estate cities like San Francisco, with contenders in the market offering above-asking offers with all cash incentives.
The Allston-Brighton neighborhood, surrounded by popular universities like Boston University, Boston College and Harvard University, has seen an influx of foreign buyers clamoring for condos for their student children or buying multifamily homes as investment property. Back Bay, Beacon Hill and South End are the most affluent areas with buyers often going into bidding wars while waiving mortgage and inspection contingencies just to push offers through.
More than half of the homes sold in these neighborhoods were bought above listing price with a good portion of that number being all cash offers. Other cities like Cambridge have been experiencing the same competitive landscape with buyers hungry to live or invest in a trendy neighborhood close to the best places to dine, shop and play in the city. The revitalization of Boston with new luxury developments, expanded retail, home rehab and city projects has made Boston one of the most desirable zip codes in the country.
To find out more about the Boston real estate market and buying options email us or call 617-208-2100 to speak to a knowledgeable sales professional today.
