The Boston housing market has been on a fast track in the past year and, according to Forbes, it’ll continue to thrive as the city further develops into an international hub. In a quest to better understand how the market has evolved over the past few years, we started digging deeper to see to what extent this growth has impacted the city of Boston. To get a better picture of how market prices have changed in the last five years, we analyzed all residential transactions to close in Boston during the first three quarters of 2012 and compared them to sales closed in the first three quarters of 2017. This allowed us to pinpoint which of the city’s neighborhoods had the most accelerated growth in prices during this interval.
Read on to find out which were the five Boston neighborhoods to see the highest increases in median home prices compared to 2012:
#1. Bay Village
Median sale price: $1,528,000
Change in median sale price compared to 2012: $533,500
Number of recorded transactions: 97
Ranking first on our list is Bay Village, the smallest recognized neighborhood in Boston. The median sale price in this neighborhood appreciated $533,500 compared to 2012 (a 54% growth), reaching a median sale price of $1,528,000 at the end of Q3 2017.
It’s not difficult to see why prices surged in the neighborhood. Just look at this swanky Bay Village condo at 1 Charles Street South. For an asking price of $1,499,000, you get a roomy two-bedroom, two-bathroom apartment with plenty of space for entertaining guests. The property comes with many other amenities, including 24/7 concierge and a residents’ Club Room.
#2. Downtown – Financial District
Median sale price: $1,111,000
Change in median sale price compared to 2012: $321,000
Number of recorded transactions: 97
The Downtown – Financial District neighborhood takes the second spot on our list, with a spike in median sale prices of $321,000 compared to 2012. At the close of 2017’s third quarter, properties here traded for a median sale price of $1,111,000—a 40% increase compared to five years ago.
Take for instance this cozy home located right on the Washington Street Corridor, at 3 Avery Street. The one-bedroom condo has an asking price just shy of $1 million and features over 1,200 square feet of space. The property has been meticulously renovated with floor-to-ceiling windows and high-end finishes, giving the space a casual vibe.
#3. South End Boston
Median Sale Price: $880,000
Change in median sale price compared to 2012: $294,500
Number of recorded transactions: 377
A thriving arts community, the cosmopolitan South End snatched the third spot on our list. The median sale price appreciated nearly $295,000 over the past five years, reaching $880,000 in Q3 2017.
Here’s a fitting example of what the South End Boston housing market looks like. Boasting an asking price of $810,000, this custom-detailed two-bedroom home at 455 Massachusetts Avenue is a real South End gem, and even comes with its own private deck.
#4. Chinatown – Leather District
Median Sale Price: $845,000
Change in median sale price compared to 2012: $285,000
Number of transactions: 29
Established in the early 1800s as a commercial and cultural core for Boston’s Chinese community, the Chinatown – Leather District lands the fourth spot on our list. The neighborhood saw its median home price appreciate $285,000 compared to 2012, resting at $845,000 at the close of September 2017.
Located right in the heart of Boston, this luxury condo at 501 3 Avery Street is the way to go for those who like to enjoy a lavish lifestyle. The home features an asking price of $879,000 and is part of the well-known Ritz Carlton Residences. The property also enjoys a prime location and plenty of amenities, including access to the Ritz Carlton Hotel services.
#5. Beacon Hill
Median sale price: $870,000
Change in median sale price compared to 2012: $280,000
Number of recorded transactions: 121
Landing at number five on our list, the quaint neighborhood of Beacon Hill boasted a median sale price of $870,000 in Q3 2017. Home to the Massachusetts State House, and many notable residents like Louisa May Alcott and Uma Thurman, the historical neighborhood saw its median sale price appreciate $280,000 over 2012.
Located at 39 Chestnut Street, this cozy two-bedroom home is an example of the kind of dwellings one can find in Beacon Hill. The property features roughly 1,000 square feet of space and has an asking price of $879,000.