The condo market in Boston is growing quickly. According to an August, 2016 report released by realestate.com, both the number of available condos and their prices are on the rise. A big reason for the higher average price is the development of many new luxury condos. Longwood Towers Condominiums is one such example. These units have a lot of amenities not previously found in Boston condos. Some of these features might include an on-site fitness center, concierge service, and valet parking.
Condo Prices vs. Single-Family Home Prices
In late 2016, the average condo in Suffolk County was $520,000. This represented a 9.5% increase over the first half of the year. Suffolk County includes Boston as well as smaller, nearby cities like Chelsea and Revere. The average single-family home in the same county sold for $440,000. That was 4.4 percent higher than the first half of 2016.
Here are the average condos prices for Boston and nearby cities:
Downtown Boston (including South End, Midtown, and Back Bay) - $800,000
South Boston - $615,000
East Boston - $400,000
Cambridge - $651,000
Somerville - $587,000
Jamaica Plain - $478,000
These prices can certainly be discouraging, especially for a first-time homeowner. However, attending one of our first-time home buyer seminars can provide you with several resources. If you don’t see any upcoming, please contact us, or feel free to call us at (617) 396-3100, and we’ll be sure to arrange a seminar to help you soon!
How Are Condos Different?
Many Bostonians prefer condos because it allows them to own property with more perks and less responsibility than a homeowner. It also provides more freedom than renting an apartment. Someone else handles all outside maintenance such as mowing the lawn or shoveling snow. Since you own your unit, you’re free to decorate or remodel as you see fit. The one exception is that you won’t be able to make structural changes to common walls between your own space and a neighbor’s.
If you’re looking for luxury and convenience, speak to us today about Longwood condos for sale.